Kospi keeps rising on hopes for an economic rebound

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 3,217.53 points on Monday, up 31.43 points, or 0.99 percent from the previous trading day. [NEWS1]

Stocks closed up for a third consecutive session Monday as progress in the local vaccination campaign and strong U.S. economic data fueled hopes of an economic rebound from the pandemic. The won rose against the dollar.

The benchmark Kospi rose 31.43 points, or 0.99 percent, to close at 3,217.53 points.

Trading volume was moderate at about 1.3 billion shares worth some 15.4 trillion won ($13.8 billion), with gainers outnumbering losers 534 to 320.

Foreigners bought a net 390 billion won, while retail investors sold 335 billion won. Institutions offloaded a net 45 billion won.

After a strong start, the Kospi went past the 3,200-point level in afternoon trading, led by strong advances by financial, transport and heavy industry shares.

Local investor sentiment for risky assets increased ahead of a U.S. Federal Reserve meeting this week.

"Local stocks remained in positive terrain on U.S. stock gains amid increased speculation about a global economic rebound," said Mirae Asset Securities analyst Seo Sang-young. "Their gains further expanded after the government revealed plans to accelerate the country's vaccination rate."

Over the weekend, Korea clinched a deal with Pfizer to buy additional vaccines for 20 million people.

Samsung Electronics advanced 0.85 percent to 83,500 won, while chipmaker SK hynix shed 0.75 percent to 131,500 won.

Internet portal operator Naver slipped 0.13 percent to 377,500 won, but its rival Kakao increased 0.43 percent to 118,000 won.

Pharmaceutical firm Samsung Biologics added 0.86 percent to 819,000 won, with Celltrion moving down 1.04 percent to 285,000 won.

Automaker Hyundai Motor climbed 0.23 percent to 221,500 won, and its sister company Kia gained 1.72 percent to 82,700 won.

Chemical firm LG Chem moved up 1.03 percent to 883,000 won, and rechargeable battery maker Samsung SDI added 2.84 percent to 689,000 won. SK Innovation gained 1.30 percent to 273,500 won.

The Kosdaq gained 3.24 points, or 0.32 percent to close at 1,030.06.

The local currency closed at 1,113.2 won against the dollar, down 4.6 won from the previous session's close.

The yield on three-year government bond remained unchanged to 1.120 percent, and the yield on the benchmark ten-year government bond added 1.8 basis points to 1.56 percent.

BY LEE TAE-HEE, YONHAP [lee.taehee2@joongang.co.kr]