Kospi hits highest level in two months

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Kospi hits highest level in two months

A screen at a Hana Bank trading room in Seoul shows the Kospi closing at 3,087.40 on Thursday, up 25.98 points, or 0.85 percent, from the previous session's close. [YONHAP]

A screen at a Hana Bank trading room in Seoul shows the Kospi closing at 3,087.40 on Thursday, up 25.98 points, or 0.85 percent, from the previous session's close. [YONHAP]

Stocks closed at the highest level in two months Thursday amid hopes for massive infrastructure spending by the United States. The won slightly fell against the dollar.
 
The Kospi rose 25.98 points, or 0.85 percent, to close at 3,087.4, the highest since Feb. 4.
 
Trading volume was moderate at about 910 million shares worth some 13.8 trillion won ($12.2 billion), with losers outnumbering gainers 420 to 419.
 
Foreigners bought a net 565 billion won, the largest amount in three weeks, while retail investors sold 408 billion won. Institutions offloaded a net 162 billion won.
 
Overnight, U.S. President Joe Biden announced a $2.25 trillion infrastructure proposal that is expected to help the global economic rebound and benefit local exporters.
 
"The size of the Biden administration's infrastructure spending helped improve investor sentiment, with their buying centering on chipmakers and other market heavyweights," said Shinhan Investment researcher Choi Yoo-joon.
 
Samsung Electronics added 1.84 percent to 82,900 won, and chipmaker SK hynix spiked 6.04 percent to 140,500 won, as brokerages forecast their earnings to rise. 
 
Automaker Hyundai Motor moved up 0.46 percent to 219,000 won, and internet portal operator Naver advanced 0.4 percent to 378,500 won, with Kakao moving up 0.2 percent to 499,500 won.  
 
Chemical firm LG Chem gained 1.74 percent to 819,000 won, while pharmaceutical firm Samsung Biologics edged down 0.13 percent to 747,000 won.
 
SK Innovation surged 10.27 percent to 241,500 won, as the company won a preliminary ruling in a patent lawsuit against LG Energy Solution in the U.S.
 
Celltrion Healthcare shed 0.15 percent to 135,800 won, while Celltrion Pharmaceutical inched up 0.47 percent to 150,700 won.  
 
Online game maker NCSoft rose 0.23 percent to 875,000 won, and Netmarble lost 2.71 percent to 125,500 won. 
 
The Kosdaq gained 9.61 points, or 1.01 percent to close at 965.78.
 
The local currency closed at 1,131.9 won against the dollar, up 0.1 won from the previous session's close.
 
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasuries gained 0.5 basis points to 1.138 percent, and the yield on the benchmark ten-year government bond rose 2.2 basis points to 1.74 percent.
 
BY LEE TAE-HEE, YONHAP [lee.taehee2@joongang.co.kr] 
 
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