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Seoul rises 0.77% despite rising US inflation.

Seoul, Jun 11 (.) .- The Seoul Stock Exchange closed today with a rise of 0.77% in its main indicator, the Kospi, on a day in which the stock market chose to consider that the inflation registered in the US. The US in May has not yet threatened to change the Fed’s monetary policy.

The selective South Korean Kospi gained 24.68 points on Friday to stand at 3,249.32 units, while the Kosdaq technological index fell by 0.34%, or 3.36 points, to 991.13 units.

As Wall Street did the day before, Seoul today shook off the 5% rise in the US CPI in May (the highest since 2008) and the Kospi added its second consecutive rise.

Foreign and institutional investors, net buyers today, considered that it is still too early to determine whether the data responds to the so-called base effect or to a strong structural rise in prices that may lead the Federal Reserve to make money more expensive.

In turn, the pace of recovery encouraged purchases and thus most of the securities in Seoul advanced.

Kospi’s largest-cap stock, tech giant Samsung Electronics, closed in a draw, and the world’s second-largest memory chip maker SK hynix gained 4.07%.

The operator of the largest South Korean internet portal, Naver, however, fell 0.27%, although the operator of the country’s main messaging application, Kakao, increased its value by 1.5%.

In the biopharmaceutical sector, Samsung Biologics fell 1.17%, and its competitor Celltrion, closed flat.

The largest national car manufacturer, Hyundai Motor, advanced by 1.06%.

(c) . Agency

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