Markets rebound following Monday’s plunge
Stocks rebounded more than 1 percent on Tuesday to offset some of the losses from the previous session, as investors hunted for bargains despite the worldwide concern with the rapid spread of the new coronavirus. The won rose sharply against the dollar.The Kospi rose 24.57 points, or 1.18 percent, to close at 2,103.61. Trading volume was high at 1.5 billion shares worth 8.75 trillion won ($7.22 billion). Gainers outnumbered losers 706 to 155.
Despite the increase, the local stock market rebounded as individuals and institutions hunted for undervalued shares.
Analysts, however, say the rebound does not necessarily signal an overall improvement in investors’ appetite for risky assets.
Korea has been expanding its efforts to contain the virus’s spread.
Foreigners dumped a net 769 billion won, while institutions bought a net 114 billion won. Individuals scooped up a net 609 billion won.
Samsung Electronics advanced 1.94 percent to 57,900 won, while chipmaker SK hynix shed 1.51 percent to 98,000 won.
Pharmaceutical firms closed sharply higher, with Samsung BioLogics increasing 3.9 percent to 479,000 won and Celltrion adding 2.07 percent to 172,500 won. Hanmi Pharmaceutical moved up 1.92 percent to 266,000 won.
Korea’s online platform Naver advanced 3.53 percent to 190,500, and Kakao increased 1.09 percent to 185,500 won.
Chemical firm LG Chem increased 1.14 percent to 399,500 won, and LG Household & Health Care moved up 1.25 percent to 1,294,000 won. Top oil refiner SK Innovation, on the other hand, lost 0.81 percent to 122,500 won.
Carmakers finished mixed. Hyundai Motor stood unchanged from the previous session, while its auto parts affiliate Hyundai Mobis gained 0.46 percent to 220,000 won. Kia Motors sank 1.17 percent to 38,150 won.
The local currency closed at 1,210.30 won against the dollar, down 9.90 won from the previous session’s close. The won had closed at its lowest in six months in the previous session.
The secondary Kosdaq was up 17.66 points, or 2.76 percent, to close at 656.95.
The yield on three-year bonds added 2.9 basis points to 1.166 percent, while the return on the benchmark 10-year government bond lost 10.0 basis points to reach 1.372 percent.
BY KIM YEON-AH, YONHAP [kim.yeonah@joongang.co.kr]
with the Korea JoongAng Daily
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