Seoul shares end almost flat ahead of key US inflation data


Seoul shares closed almost unchanged on Friday following a three-day increase, as investors awaited key US inflation data scheduled for release later in the week. The Korean won weakened against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) edged up by 1.08 points, or 0.04 percent, to finish at 2,636.52, but it had experienced a 1.9 percent decline over the course of the week. Trading was active, with 594.78 million shares valued at 15.45 trillion won ($11.1 billion) changing hands, and gainers outnumbering losers 533 to 332. Both institutions and individuals purchased a total of 1.35 trillion won worth of stocks, offsetting foreign investors' stock sales valued at 1.34 trillion won. In the US, the Dow Jones Industrial Average dropped by 0.86 percent to 38,111.48 points, and the tech-heavy Nasdaq composite fell by 1.08 percent to 16,737.08. The release of data showing slower-than-expected economic growth in the US prior to the April personal consumption expenditure (PCE) price index raised expectations for potential rate cuts by the Federal Reserve later in the year. Analysts are closely monitoring the April PCE data to gauge the future policy direction of the US central bank. In Seoul, energy and airline stocks saw gains, with LG Energy Solution Ltd., Korea Gas Corp., Korean Air Co., and SK Corp. all recording increases. Meanwhile, SK hynix Inc., Hyundai Motor Co., and Korea Aerospace Industries Co. experienced declines. The local currency closed at 1,384.50 won against the US dollar, down 5.1 won from the previous session's close.


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