Seoul gains on the idea that inflation may be temporary

The Seoul Stock Exchange closed today with a 0.48% rise in Kospi, its main indicator. The session advanced with the idea that the increase in prices registered in the US could only be temporary and would allow Fed policy to remain intact.

The selective South Korean Kospi gained 15.19 points on Monday to stand at 3,203.92 units. Also, the Kosdaq technology stock index advanced by 0.44%, or 4.32 points, to close at 981.78 units.

Although there was a bit more volatility, today’s trading followed similar tones to the previous session on Friday.

US Treasury Secretary Janet Yellen implied that the strong inflation reported in April by the world’s leading economy is undoubtedly temporary. With this, she removed the possibility of an imminent change of course in the monetary sphere, weighed today on the South Korean stock market again.

Purchases by foreign operators and retailers allowed the main shares ​​of the Kospi to close today in the positive.

Tech giant Samsung Electronics closed 0.5% higher. Meanwhile, the world’s second-largest memory chipmaker SK Hynix gained 1.6%.

Naver, the largest South Korean internet portal operator, increased by 1.26%. Also, Kakao, the country’s leading instant messaging application owner, improved its price by 0.82%.

Biopharmaceutical Samsung Biologics climbed by 2.18%, and its competitor, the giant Celltrion, gained 0.37%.

The largest national car manufacturer, Hyundai Motor, expanded by 1.29%.

Hang Seng resisted losses thanks to Meituan

Hang Seng closed today with gains of 0.09%. The gains were led by the digital giant Meituan, whose CEO revealed that they are developing plans before the antitrust investigations to which the Chinese government subjects it.

The manager, Wang Xing, assured that the company would not suffer significant negative consequences from the Beijing investigations, affecting one of its great rivals, Alibaba.

The selective added 27.39 points to 29,151.8, while the Hang Seng China Enterprises advanced by 0.89%.

Among the sub-indices, only Commerce and Industry advanced by 1.96%. On the contrary, Services, Finance, and Real Estate experienced falls.

Meituan advanced by 10.86%, and the other digital trading giants followed that trend. Tencent added 2.91% and Alibaba gained 1.74%.