Seoul shares end lower ahead of key inflation data

Seoul shares ended a tad lower on Tuesday as investors await key US inflation data and earnings results by major US firms. The Korean won fell against the US dollar.

The benchmark Korea Composite Stock Price Index fell 3.15 points, or 0.13 percent, to close at 2,510.06.

Trading volume was moderate at 739.67 million shares worth 9.17 trillion won ($6.9 billion), with decliners outnumbering gainers 503 to 358.

Individuals sold a net 175 billion won worth of stocks, offsetting institutions and foreigners' stock purchases valued at 177 billion won.

Investors await the US inflation data later this week as well as earnings results from major firms, like Duke Energy and Walt Disney Co., amid lingering worries over the Federal Reserve's further rate hikes to tame inflation, analysts said.

Last week, Fed Chair Jerome Powell said after its policy meeting that it is too soon to say the rate hike cycle is over as the Fed believes inflation remains too high.

The US central bank raised interest rates by 0.25 percentage point to a range of 5-5.25 percent, the 10th consecutive hike since March 2022.

In Seoul, tech and airline stocks were lead decliners.

Market bellwether Samsung Electronics Co. fell 0.9 percent to 65,300 won, No. 2 chipmaker SK hynix Inc. declined 1.6 percent to 87,300 won, leading home appliance maker LG Electronics Inc. dropped 0.4 percent to 111,900 won, and national flag carrier Korean Air Co. shed 0.7 percent to 22,700 won.

Among gainers, top carmaker Hyundai Motor Co. rose 1.2 percent to 205,000 won, Daewoo Shipbuilding & Marine Engineering Co. jumped 4.5 percent to 26,550 won, and leading steelmaker Posco Holdings gained 1.2 percent to 372,000 won.

The local currency ended at 1,323.90 won against the US dollar, down 2.5 won from the previous session's close. (Yonhap)