(2nd LD) Seoul shares end higher despite hawkish Fed chief

SEOUL, Aug. 31 (Yonhap) -- The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.46 percent to 6,820.02 on Monday, despite a hawkish tone from Federal Reserve Chair Kevin Warsh during his Jackson Hole symposium address. Opening 2.58 percent lower, the index erased its early losses as tech stocks rebounded and market participants remained cautious about potential interest rate hikes.

Wall Street experienced mixed performance, with the Dow Jones Industrial Average falling 0.02 percent and the tech-heavy Nasdaq Composite declining 0.52 percent. Institutions, foreign investors, and retail investors collectively sold stocks worth 793.12 billion won, 639.86 billion won, and 144.33 billion won, respectively, limiting the index's gains.

Warsh's speech, his first as Fed chair, highlighted ongoing inflation concerns, leaving the door open to further rate hikes this year. Despite the Fed chief's concerns, tech leaders Samsung Electronics and SK hynix gained 1.17 percent and 1.27 percent, respectively. Hyundai Motor and LG Energy Solution also posted gains, while Hanwha Aerospace and Korean Air declined.

The Korean won strengthened to 1,368.6 against the U.S. dollar, up 3.9 won. Bond prices fell, with three-year Treasurys yielding 3.838 percent and five-year government bonds yielding 4.053 percent.