(ATTN: ADDS bond yields at bottom, photo)
SEOUL, July 9 (Yonhap) -- Seoul shares closed slightly higher Tuesday as investors awaited a congressional testimony by Federal Reserve Chairman Jerome Powell this week. The local currency gained against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) added 9.62 points, or 0.34 percent, to 2,867.38.
Trade volume was moderate at 443.2 million shares worth 10.8 trillion won (US$7.83 billion), with gainers outnumbering losers 453 to 406.
Foreigners bought a net 313 billion won, while individuals offloaded a net 292 billion won. Institutions offloaded a net 31 billion won.
Analysts said investors awaited signals for rate cuts during Powell's congressional testimony slated for Tuesday (U.S. time), along with the release of major economic indicators, including the consumer price index for June on Thursday.
This photo shows the dealing room at Hana Bank in central Seoul on July 9, 2024. (Yonhap)
Tech shares also gathered ground after the tech-heavy Nasdaq composite closed at a record high overnight on Wall Street.
"Tech shares gained ground, led by semiconductors, after chip firms such as Nvidia and TSMC closed higher in the U.S. market," said Han Ji-young, an analyst at Kiwoom Securities.
In Seoul, top tech giant Samsung Electronics closed 0.46 percent higher at 87,800 won, and No. 2 chipmaker SK hynix rose 2.14 percent to 238,500 won.
Leading online search engine operator Naver added 0.12 percent to 170,700 won, and its smaller rival Kakao gained 0.12 percent to 42,450 won.
Battery makers finished bullish as well, with LG Energy Solution advancing 1.26 percent to 363,000 won and Samsung SDI increasing 0.26 percent to 382,500 won.
Carmakers, on the other hand, lost ground, with Hyundai Motors falling 3 percent to 274,000 won and its smaller sister Kia losing 1.37 percent to 122,500 won. Auto parts maker Hyundai Mobis shed 1.68 percent to 233,500 won.
The local currency was trading at 1,381.6 won against the greenback as of 3:30 p.m., up 1.7 won from the previous session's close.
Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 0.5 basis point to 3.114 percent, and the return on the benchmark five-year government bonds fell 0.8 basis points to 3.132 percent.
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