Stocks rise for second straight session, backed by large tech

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Stocks rise for second straight session, backed by large tech

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 3,237.14 points on Tuesday, up 14.10 points, or 0.44 percent, from the previous trading day. [NEWS1]

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 3,237.14 points on Tuesday, up 14.10 points, or 0.44 percent, from the previous trading day. [NEWS1]

 
Stocks rose for a second straight session Tuesday after choppy trading, backed by strong advances by large tech companies. The won increased against the dollar.
 
The benchmark Kospi added 14.1 points, or 0.44 percent, to close at 3,237.14 points.
 
Trading volume was moderate at about 643 million shares worth some 12.3 trillion won ($10.7 billion), with losers outnumbering gainers 581 to 270.
 
Foreigners bought a net 667 billion won, while retail investors sold 669 billion won. Institutions offloaded a net 35 billion won.
 
Local stocks got off to a solid start as tech heavyweights jumped on expectations for robust global demand.
 
But the stock index moved in and out of positive terrain throughout the session amid concerns about spiking Covid-19 cases and Chinese regulation uncertainties.
 
"Chipmakers like Samsung Electronics and SK hynix performed strong today, but other sectors' underperformance seems to have made the trading choppy," Daeshin Securities analyst Lee Kyung-min said.
 
In Seoul, Samsung Electronics advanced 2.65 percent to 81,400 won, and chipmaker SK hynix jumped 3.45 percent to 120,000 won.
 
Pharmaceutical firm Samsung Biologics lost 0.44 percent to 909,000 won, while Celltrion rose 0.57 percent to 265,000 won. 
 
Internet portal operator Naver declined 1.27 percent to 428,000 won, and its rival Kakao fell 1.37 percent to 144,000 won. 
 
Automaker Hyundai Motor gained 1.59 percent to 223,500 won, while its sister company Kia gained 1.3 percent to 85,800 won.
 
Chemical firm LG Chem lost 1.27 percent to 853,000 won, and rechargeable battery maker Samsung SDI edged up 0.27 percent to 749,000 won. Steelmaker Posco fell 5.28 percent to 341,000 won. 
 
Game publisher NC Soft retreated 1.7 percent to 810,000 won, with Netmarble shedding 1.82 percent to 134,500 won.
 
The Kosdaq lost 1.69 points, or 0.16 percent, to close at 1,036.11.  
 
The local currency closed at 1,148.3 won against the dollar, down 2.6 won from the previous session's close.
 
Bond prices, which move inversely to yields, closed mixed. The yield on three-year government bonds added 0.7 basis point to 1.442 percent, and the yield on the benchmark 10-year government bond lost 5.0 basis points to 1.17 percent. 

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