Seoul stocks rise for second day ahead of US payroll data and Fed chief’s speech

South Korean shares ended higher for a second straight session on Wednesday, awaiting U.S. wage data and more clues on the direction of U.S. interest rate policy from this year’s Jackson Hole Symposium. The local currency fell against the U.S. dollar.

The Korea Composite Stock Price Index (Kospi) rose 4.5 points or 0.17 percent to close at 2,701.13.

Trading volume was moderate at 406 million shares worth 9.18 trillion won ($6.87 billion), with losers outnumbering gainers by a ratio of 448 to 407.

Foreigners bought shares worth a net 30.5 billion won, while individuals sold shares worth a net 11.4 billion won. Institutions sold shares worth a net 26.7 billion won.

Investors remained cautious as they awaited comments from Federal Reserve Chairman Jerome Powell on the direction of U.S. interest rate cuts this week.

“While Powell’s remarks at the Jackson Hole meeting are expected to be in line with market expectations, the U.S. nonfarm payrolls data could prove to be a volatile event,” said Kim Ji-won, an analyst at KB Securities.

In Seoul, top tech giant Samsung Electronics shed 0.76 percent to 78,300 won, while second-largest chipmaker SK Hynix shed 3.56 percent to 192,600 won.

Top internet search engine operator Naver shed 0.13 percent to 156,400 won, while its smaller rival Kakao gained 0.27 percent to 36,600 won.

Steelmakers closed the day higher, with Posco Holdings shares up 2.32 percent to 330,500 won and Korea Zinc shares up 0.19 percent to 533,000 won.

Chemical stocks also ended the day higher, with LG Chem gaining 2.23 percent to 298,000 won and leading oil refiner SK Innovation rising 1.37 percent to 103,800 won.

At 3:30 p.m., the local currency was trading at 1,336.6 won against the dollar, down 3.4 won from the previous session. (Yonhap)