Seoul shares closed higher possible slower pace in the Federal Reserve’s rate cuts. The Korean won continued to slip against the U.S. dollar.

The benchmark Korea Composite Stock Price Index rose 28.92 points, or 1.1 percent, to close at 2,599.62.

Trade volume was moderate at 345.96 million shares worth 9.25 trillion won (US$6.7 billion), with gainers outpacing losers 448 to 408.

Institutions and foreigners bought a combined 510 billion won worth of stocks, offsetting individuals’ stock selling valued at 514 billion won.

Overnight, U.S. stocks ended mixed. The Dow Jones Industrial Average fell 0.02 percent to 42,924.89, while the tech-heavy Nasdaq Composite rose 0.18 percent to 18,573.13.

In Seoul, large-cap stocks were mixed.

Market bellwether Samsung Electronics Co. rose 2.4 percent to 59,100 won, No. 2 chipmaker SK hynix Inc. jumped 4.4 percent to 196,000 won, top carmaker Hyundai Motor Co. climbed 2.8 percent to 241,000 won and state utility Korea Electric Power Corp. gained 0.7 percent to 21,950 won
.

Among decliners, national flag carrier Korean Air Co. fell 1.1 percent to 23,300 won, leading shipping firm HMM declined 0.6 percent to 17,050 won and leading wireless services provider SK Telecom Co. was down 1.4 percent to 56,700 won.

The local currency was trading at 1,382.20 won against the greenback at 3:30 p.m., down 2.1 won from the previous session, extending its losing streak to an eighth day.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 0.7 basis point to 2.936 percent, and the return on the benchmark five-year government bonds declined 0.3 basis point to 3.011 percent.

Source: Yonhap News Agency