Optimism over Q2 results snaps Kospi losing streak
Stocks snapped their four-day losing streak Thursday, as hopes for robust second-quarter earnings boosted investor sentiment despite the surge in new virus cases. The won rose against the dollar.
The benchmark Kospi added 34.3 points, or 1.07 percent, to close at 3,250.21 points.
Trading volume was moderate at about 701 million shares worth some 12.8 trillion won ($11.1 billion), with gainers outnumbering losers 537 to 289.
Foreigners bought a net 63 billion won, while retail investors sold 883 billion won. Institutions purchased a net 817 billion won.
The gains came as the country is struggling with the fourth wave of the pandemic, with the number of daily new coronavirus cases hitting a fresh record of 1,842 on Thursday.
"The surge in Covid-19 cases increased the psychological anxiety of investors, but solid economic fundamentals seem to have limited such influence," Daeshin Securities analyst Lee Kyung-min said.
Tech, financial and steel gains led the Kospi's hike, while bios slumped.
Samsung Electronics advanced 1.53 percent to 79,700 won, and chipmaker SK hynix added 2.14 percent to 119,500 won.
Internet portal operator Naver increased 2.8 percent to 440,000 won, after the firm's quarterly net surged nearly six times on-year. Kakao rose 1.72 percent to 147,500 won.
Steelmaker Posco jumped 4.69 percent to 346,000 won, with its quarterly net soaring 18 times on-year.
Pharmaceutical firm Samsung Biologics retreated 1.89 percent to 884,000 won, while Celltrion climbed 0.75 percent to 269,500 won.
Automaker Hyundai Motor edged up 0.22 percent to 228,500 won, and its sister company Kia gained 0.34 percent to 87,400 won.
Chemical firm LG Chem climbed 1.98 percent to 826,000 won, and KB Financial Group gained 2.37 percent to 51,800 won.
The local currency closed at 1,149.9 won to the dollar, down 4.1 won from the previous session's close.
The Kosdaq gained 8.22 points, or 0.79 percent, to close at 1,050.25.
Bond prices, which move inversely to yields, closed lower. The yield on three-year government bonds added 1.5 basis points to 1.398 percent, and the yield on the benchmark 10-year government bond gained 6.8 points to 1.29 percent.
BY LEE TAE-HEE, YONHAP [firstname.lastname@example.org]