Market tracks overnight gains on Wall Street
The benchmark Kospi added 7.31 points to reach 2.503.73. Trade volume was moderate at 400 million shares worth 5.35 trillion won ($4.8 billion), with losers outnumbering advancers 441 to 382.
On Friday in New York, Wall Street rallied to close at a record high. The Dow Jones industrial average rose 0.89 percent, with the tech-heavy Nasdaq composite index adding 0.68 percent. The S&P 500 gained 0.67 percent.
“Local stocks are forecast to maintain upward momentum on rising oil prices and decreased geopolitical risks surrounding the Korean Peninsula,” said Suh Sang-yong, an analyst at Kiwoom Securities.
Top-cap Samsung Electronics ended at 2,427,000 won, up 0.71 percent from the previous session’s close. Chipmaking rival SK Hynix lost 2.28 percent to close at 72,700 won.
Samsung BioLogics, a biopharmaceutical affiliate of Samsung Group, gained 0.84 percent to close at 419,600 won.
Auto shares also experienced mixed trading, with leading automaker Hyundai Motor adding 0.65 percent to end at 155,000 won. Its sister company, Kia Motors, fell 0.16 percent to 32,050 won, and Hyundai Mobis, the country’s largest auto parts maker, lost 0.2 percent to end at 247,000 won.
The tech-heavy Kosdaq rose 2.13 percent to end at 891.61 points on a sharp surge in leading bio and medicine shares. Celltrion rose 2.49 percent to 350,000 won and Sillajen grew 5.91 percent to 103,900 won.
ViroMed, a local biotechnology company, was spotlighted for soaring 29.97 percent compared to the previous trading day to hit a new high of 230,700 won. It is currently ranked as the fourth-largest company by market capitalization in the tech-heavy stock market.
This is the first time in 16 years that the Kosdaq has reached the 890 mark, with the market being helped by last week’s government announcement of tax incentives and eased listing rules.
The local currency closed at 1,062.7 won against the U.S. dollar, up 2.1 won from Friday’s close.
Bond prices, which move inversely to yields, ended lower. Yields on three-year bonds added 4.9 basis points to end at 2.12 percent, and returns on the benchmark five-year bond gained 5.3 basis points to close at 2.48 percent.
BY KIM JEE-HEE, YONHAP [kim.jeehee@joongang.co.kr]
with the Korea JoongAng Daily
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