(ATTN: ADDS bond yields at bottom, pictured)
SEOUL, June 22 (Yonhap) – South Korean stocks rebounded on Tuesday as investors speculate that the Fed’s cut schedule may be slower than expected. The Korean won appreciated against the US dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 23.09 points, or 0.71%, to close at 3,263.88 points.
Trading volume moderated to around 1.6 billion shares worth some 15.2 trillion won ($ 13.4 billion), with the winners outnumbering the losers 582-270.
Foreigners bought net 319 billion won, while retail investors sold 338 billion won. The institutions discharged a net amount of 8 billion won.
The rebound came after local stocks slumped in the previous session due to the ripple impact of the Fed’s hawkish pivot last week, which heightened market concerns about a start to curtail its accommodative policies. .
New York Fed Chairman John Williams noted that the recent surge in inflation is likely a temporary phase.
“The New York governor’s remark appears to have softened the recent extreme spike in safe assets,” Shinhan financial analyst Choi Yoo-joon said.
In Seoul, market leader Samsung Electronics edged up 0.13% to 80,000 won, and No. 2 chipmaker SK hynix closed unchanged at 122,000 won.
Internet portal operator Naver lost 1.51% to 391,000 won, and pharmaceutical giant Samsung Biologics lost 0.94% to 846,000 won.
Major automaker Hyundai Motor jumped 3.43% to 241,000 won, and major chemicals company LG Chem gained 2.43% to 842,000 won.
The local currency closed at 1,131.9 won against the US dollar, up 2.8 from the close of the previous session.
Bond prices, which move inversely to yields, ended mixed. The three-year Treasury bill yield fell 2 basis points to 1.331 percent, while the benchmark five-year government bond yield rose 1 basis point to 1.684 percent.