In Seoul, the benchmark KOSPI slipped 0.5 percent to 4,017.89, while the tech-heavy KOSDAQ surged 9.2 percent to 934.21 as of 9:01 a.m. The secondary market’s total capitalization topped the 500-trillion-won level for the first time, buoyed by reports that the government is preparing a stimulus package aimed at smaller-cap and growth stocks.
Selling by both foreign and institutional investors weighed on the main board. Foreign investors unloaded 259 billion won ($176 million) worth of shares, and institutions sold a net 107.6 billion won. Retail investors stepped in as net buyers of 362.8 billion won.
Samsung Electronics slipped 0.8 percent to 103,700 won and SK hynix fell 2.5 percent to 538,500 won. Large-cap names showed mixed performance: LG Energy Solution eased 0.1 percent to 417,500 won, KB Financial declined 1 percent to 130,400 won and HD Hyundai Heavy Industries lost 0.9 percent to 529,000 won. Hyundai Motor gained 3.8 percent to 276,500 won, Doosan Enerbility rose 1.8 percent to 79,800 won and Kia added 0.3 percent to 119,000 won.
Entertainment shares were weaker across the sector. HYBE slipped 0.8 percent to 293,500 won, JYP Entertainment dipped 0.2 percent to 68,500 won, SM Entertainment fell 0.4 percent to 104,000 won and YG Entertainment eased 0.2 percent to 62,800 won.
U.S. stocks closed higher Wednesday as fresh data pointed to cooling labor-market conditions. The Dow Jones Industrial Average rose 0.9 percent to 47,882.90, the S&P 500 gained 0.3 percent to 6,849.72 and the Nasdaq Composite added 0.2 percent to 23,454.09. Private-sector employment fell by 32,000 in November, according to ADP, sharply missing expectations for a 10,000 increase. Sentiment was dented somewhat by reports that Microsoft trimmed its revenue outlook for artificial-intelligence-related businesses.
“Signs of weaker employment and easing inflation are reinforcing expectations for a Federal Reserve rate cut,” said Lee Sung-hoon, an analyst at Kiwoom Securities. He noted that growth shares, particularly in biosciences, typically benefit from lower interest rates, although the Korean market failed to reflect that trend at the open.
Japan’s Nikkei 225 climbed 0.5 percent to 50,105.72. Toyota Motor rose 0.2 percent to 3,012 yen ($19.4), Honda Motor gained 0.9 percent to 1,516 yen and Nissan Motor added 0.5 percent to 364 yen, sending the country’s automakers modestly higher. SoftBank Group advanced 3 percent to 17,175 yen, Sony Group rose 0.4 percent to 4,407 yen and Nintendo gained 0.9 percent to 12,765 yen.
In China, the Shanghai Composite Index edged up 0.1 percent to 3,881.55, while Hong Kong’s Hang Seng Index fell 0.1 percent to 25,728.64.
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