Stocks rise for second straight day on election, FOMC

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Stocks rise for second straight day on election, FOMC

 
A screen shows the closing figure for the Kospi in a trading room in Hana Bank in Jung District, central Seoul, on Tuesday. [YONHAP]

A screen shows the closing figure for the Kospi in a trading room in Hana Bank in Jung District, central Seoul, on Tuesday. [YONHAP]

 
Korean shares rallied Tuesday for a second consecutive day ahead of the U.S. presidential election. The won fell against the dollar.
 
The benchmark Kospi rose 43.15 points, or 1.88 percent, to close at 2,343.31.
 
Trading volume was high at about 874 million shares worth some 10.7 trillion won ($9.4 billion), with gainers outnumbering losers 696 to 154.
 
Foreigners bought a net 204 billion won, while retail investors sold a net 656 billion won. Institutions purchased a net 455 billion won.
 
The Kospi rallied after a 1.46 percent hike the previous session as investors bet that the stock market will build up gains after the U.S. election.
 
The upcoming Federal Open Market Committee (FOMC) meeting also boosted investor sentiment, but analysts said market volatility may increase after the event.
 
"Volatility from the election uncertainties is increasing in the local stock markets as the election draws near," said Shinhan Financial Investment analyst Choi Yoo-joon. "The election volatility is expected to continue throughout the week," he added.
 
In Seoul, large caps closed mixed.
 
Samsung Electronics jumped 2.44 percent to 58,800 won, and chipmaker SK hynix gained 2.26 percent to 81,400 won.
 
Pharmaceutical firm Samsung Biologics edged up 0.14 percent to 699,000 won, and Celltrion spiked 5.93 percent to 259,000 won.
 
Naver lost 0.88 percent to 283,000 won, but its rival Kakao climbed 0.6 percent to 336,500 won.
 
LG Chem surged 5.3 percent to 656,000 won, and rechargeable battery maker Samsung SDI rose 4.43 percent to 459,500 won.
 
Hyundai Motor closed flat at 170,500 won, while Posco advanced 2.08 percent to 220,500 won.
 
The local currency closed at 1,134.1 won per dollar, up 0.5 won from the previous session's close.
 
Kosdaq rose 15.51 points, or 1.93 percent, to close at 818.46.  
 
Bond prices, which move inversely to yields, closed mixed. The yield on three-year bonds rose one basis point to 0.982 percent, and the return on 10-year bonds lost 2.1 basis points to close at 0.85 percent.
 
BY  LEE JEE-YOUNG, YONHAP   [lee.jeeyoung1@joongang.co.kr]  
 

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