Stocks rise as investors bet on global recovery

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Stocks rise as investors bet on global recovery

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 3,067.17 points on Tuesday, up 21.46 points, or 0.7 percent from the previous trading day. [NEWS1]

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 3,067.17 points on Tuesday, up 21.46 points, or 0.7 percent from the previous trading day. [NEWS1]

 
Stocks finished higher Tuesday on optimism for a quick economic recovery in major economies. The won rose against the dollar.
 
The benchmark Kospi rose 21.46 points, or 0.7 percent, to close at 3,067.17 points.
 
Trading volume was moderate at about 1.1 billion shares worth some 12.8 trillion won ($11.3 billion), with gainers outnumbering losers 558 to 279.
 
Foreigners sold a net 28 billion won, while institutions purchased a net 250 billion won. Retail investors offloaded a net 233 billion won.  
 
The Kospi started the morning with mild gains and extended gains through the afternoon on strong institutional buying.
 
The passing of the $1.9 trillion relief package set the ground for the Kospi's hike, in addition to the expanding vaccinations in major global markets, including the U.S. and China, analysts said.
 
"Investors seem to have rotated cash among domestic-targeted stocks on stimulus hopes in major economies," Lee Jae-sun said.
 
In Seoul, major blue chips closed mixed.  
 
Samsung Electronics gained 1.22 percent to 82,800 won, and chipmaker SK hynix advanced 2.93 percent to 140,500 won.
 
Chemical firm LG Chem plunged 7.76 percent to 891,000 won, and rechargeable battery maker Samsung SDI declined 0.87 percent to 680,000 won.  
 
The country's largest automaker Hyundai Motor climbed 0.86 percent to 234,000 won while its smaller affiliate Kia stayed unchanged at 85,800 won.  
 
Samsung Biologics edged down 0.27 percent to 733,000 won, and Celltrion increased 2.6 percent to 296,500 won. Steelmaker Posco moved down 0.65 percent to 306,000 won.
 
Naver rose 0.65 percent to 385,500 won while its rival Kakao remained unchanged at 479,000 won.  
 
Online game maker NCSoft rose 2.58 percent to 954,000 won, while its rival Netmarble edged up 1.24 percent to 122,000 won.  
 
The secondary Kosdaq rose 13.75 points, or 1.48 percent to close at 940.65.  
 
The local currency closed at 1,129.7 won against the dollar, down 6.6 won from the previous session's close.
 
Bond prices, which move inversely to yields, closed higher. The yield on the three-year bond lost 7.0 basis points to close at 1.177 percent, and the yield on the 10-year bond declined 1.9 basis points to close at 1.6 percent.
 
BY CHEA SARAH, YONHAP   [chea.sarah@joongang.co.kr]
 
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