Talk of higher interest rate lifts market
The benchmark index, the Kospi, rose 16.83 points, or 0.71 percent, to close at 2,374.70 on Tuesday.
Institutional investors were the main buyers of local shares, scooping up 165.8 billion won ($146.9 million) in stocks. Foreign and retail investors each sold 78.8 billion won and 131.6 billion won.
By sector, machinery and securities performed well, rising 2.9 percent and 2.2 percent respectively.
Local pharmaceutical companies experienced notable gains on Tuesday. Samsung BioLogics, a biopharmaceutical affiliate of Samsung, surged 7.22 percent to 245,000 won, and Hanmi Science, holding firm of the top drug company, Hanmi Pharmaceutical, jumped 9.71 percent to 94,900 won.
Auto companies also did well. Leading automaker Hyundai Motor, who unveiled a new sport utility vehicle, the Kona, on Tuesday, went up 1.23 percent to 164,500 won. Affiliate Kia Motors nudged up 0.64 percent to 39,200 won, and auto parts maker Hyundai Mobis inched up 0.19 percent to 263,500.
The secondary Kosdaq index also witnessed a slight increase, up 4.37 points, or 0.66 percent, to end at 669.23, despite a second straight day of losses on the Nasdaq in New York.
“The U.S. market slipped, led by tech losses such as Apple,” said Seo Sang-young, a researcher at Kiwoom Securities. “However, the fall was limited due to a rise in oil prices and rosy forecast that earnings will improve down the road. The Korean market enjoyed a buying spree following losses in the previous session.”
The local currency closed at 1,128.3 won against the U.S. dollar, down 1 won from Monday’s close.
The yield on three-year government bonds fell four basis points to 1.66 percent, and returns on 10-year bonds fell five basis points to 2.18 percent.
BY CHOI HYUNG-JO, YONHAP [choi.hyungjo@joongang.co.kr]
with the Korea JoongAng Daily
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