South Korean stocks ended higher for the second straight session Wednesday as they waited for U.S. payroll data and more clues over the U.S. rate policy direction from this week’s Jackson Hole symposium. The local currency fell against the U.S. dollar.

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

Trade volume was moderate at 406 million shares worth 9.18 trillion won (US$6.87 billion), with losers outnumbering gainers 448 to 407.

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

Investors remained cautious as they waited for Federal Reserve Chair Jerome Powell’s remarks on the direction of U.S. rate cuts this week.

“Although Powell’s remarks at the Jackson Hole meeting are expected to be in line with market expectations, the U.S. non-farm payroll data could become a variable,” said Kim Ji-won, a researcher at KB Securities.

In Seoul, t
op tech giant Samsung Electronics lost 0.76 percent to 78,300 won, and No. 2 chipmaker SK hynix decreased 3.56 percent to 192,600 won.

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

Steelmakers closed higher, with POSCO Holdings rising 2.32 percent to 330,500 won and Korea Zinc adding 0.19 percent to 533,000 won.

Chemical shares also closed bullish, with LG Chem moving up 2.23 percent to 298,000 won and leading oil refiner SK Innovation climbing 1.37 percent to 103,800 won.

The local currency was trading at 1,336.6 won against the dollar as of 3:30 p.m., down 3.4 won from the previous session.

Source: Yonhap News Agency