South Korean shares closed slightly lower as weak domestic economic data weighed on market sentiment.
The Korea Composite Stock Price Index, or Kospi, was down by 0.6 points, or 0.02%, to close at 2,496.81. The Kosdaq also decreased by 6.43 points, or 0.9%, to end at 711.61.
In economic news, South Korea's unemployment rate hit its highest in three and a half years in December 2024, increasing one percentage point on a seasonally adjusted basis to 3.7% in the month, data from Statistics Korea indicated Wednesday.
The figure was the highest since June 2021 and marked a sharp uptick from 2.7% in November 2024.
The number of employed people declined by 52,000 to hit 28.04 million in December 2024, following a gain of 123,000 in the previous month, marking the first drop since February 2021.
The number of unemployed people rose 4.6%, or 36,000 to hit 823,000 last month from the year-ago period.
In corporate news, HD Korea Shipbuilding & Offshore Engineering (KRX:009540) received approval in principle for its vacuum insulation technology for liquefied hydrogen storage tanks from four global classification societies.
The four classification societies are Lloyd's Register, the American Bureau of Shipping, Det Norske Veritas, and the Korean Register.
In December 2024, the shipbuilder also secured the DNV certification for its shipboard liquefied hydrogen tank welding procedures, which indicated its expertise in material selection, verification, and welding techniques.
Shares of HD Korea Shipbuilding & Offshore Engineering rose more than 3% at market close on Wednesday.
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