Stocks rise for a third consecutive day as risk-on returns

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Stocks rise for a third consecutive day as risk-on returns

The final figure for the Kospi is displayed in a screen in a trading room in Hana Bank in Jung District, central Seoul, on Tuesday. [NEWS 1]

The final figure for the Kospi is displayed in a screen in a trading room in Hana Bank in Jung District, central Seoul, on Tuesday. [NEWS 1]

 
Korean stocks gained for a third consecutive session Tuesday, backed by signs of global economic rebound that increased foreigners' appetite for risky assets. The won rose against the dollar.
 
The benchmark Kospi rose 16.25 points, or 0.52 percent, to close at 3,163.25 points.
 
Trading volume was moderate at about 1.9 billion shares worth some 16.9 trillion won ($15.3 billion), with gainers outnumbering losers 474 to 367.
 
Foreigners bought a net 235 billion won, extending their buying streak to a third day, while institutions sold a net 675 billion won. Individuals purchased a net 424 billion won.
 
The Kospi briefly touched the 3,180-point mark in the morning session on robust foreign buying but lost some of its gains on increased profit-taking by institutions.
 
Investor appetite for risk assets increased globally, partially due to plans to ease lockdown measures in Europe, analysts said.
 
"We are seeing strong signs of preference for risky assets globally, boosted by potential lifting of economic lockdowns in Britain," Bookook Securities analyst Lee Won said.
 
"A price hike in commodities also boosted foreign buying," he said.
 
Most tech heavyweights performed well in Seoul, while bio and chemical shares declined.
 
Samsung Electronics gained 0.83 percent to 84,900 won, while chipmaker SK hynix added 0.38 percent to 132,500 won.
 
Chemical firm LG Chem lost 1.21 percent to 978,000 won, and rechargeable battery maker Samsung SDI declined 0.25 percent to 803,000 won.
 
Internet portal operator Naver advanced 2.2 percent to 394,000 won, with its rival Kakao moving up 2.39 percent to 514,000 won.
 
Pharmaceutical firm Celltrion shed 2.4 percent to 325,000 won, with Samsung Biologics down 0.5 percent to 796,000 won. Automaker Hyundai Motor closed unchanged at 247,500 won.
 
The Kosdaq lost 4.23 points, or 0.43 percent, to close at 977.74.  
 
The local currency closed at a monthly high at 1,100.1 won against the dollar, down 1.3 won from the previous session's close.
 
The yield on the three-year bond lost 1.3 basis points to close at 0.985 percent.  
 
BY LEE JEE-YOUNG, YONHAP   [lee.jeeyoung1@joongang.co.kr]  
 
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