Seoul Stock Exchange Closes Flat Amid Doubts About Fed’s Monetary Policy

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The Seoul Stock Exchange closed virtually flat today, as its benchmark index, the Kospi, rose 0.05%, on a day marked by new doubts about the direction of the US Federal Reserve’s monetary policy.

The South Korean benchmark advanced 1.12 points to 2,351.31 integers, while the technology index Kosdaq It lost 5.16 points, or 0.74%, to 696.05.

The mood in Seoul was generally good today, with institutional investors as the main buyers, and the selective remained in positive territory for most of the session.

However, the comments made on the eve by the presidents of the Federal Reserve in San Francisco and Atlanta, Mary Daly and Raphael Bostic, who pointed out that the agency could raise rates, above 5% ended up drowning the escalation of the Kospi, which ended the session with a marginal advance.

The value that most influences the Kospi, the technological giant Samsung Electronics, was down 0.49%, although the world’s second-largest memory chip maker, SK Hynix, gained 0.58% instead.

The company that owns the most popular internet search engine in South Korea, Naver, closed down 1.78%, while Kakao, which operates the most used instant messaging application in the Asian country, was left 0.65%.

The biopharmaceutical Samsung Biologics and Hyundai Motor, the number one domestic vehicle maker, depreciated 1.6% and 0.61%, although car battery maker LG Energy Solution climbed 2.1%.

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