Stocks rise for a second day as some confidence returns

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,988.64 points on Thursday, up 44.23 points, or 1.5 percent from the previous trading day. [NEWS1]

Stocks advanced for a second straight session Thursday, as investors were relieved by the stable currency rate and Washington's move to ease supply-chain disruptions. The won rose against the dollar.

The benchmark Kospi added 44.23 points, or 1.5 percent, to close at 2,988.64 points.

Trading volume was moderate at about 607 million shares worth some 11.9 trillion won ($10 billion), with gainers outnumbering losers 745 to 130.

Foreigners sold a net 208 billion won, while institutions bought 502 billion won. Retail investors offloaded a net 284 billion won.

Stocks got off to a strong start, as the won advanced against the dollar, after depreciating sharply against the greenback over the past few days.

The local currency closed at 1,186.8 won against the dollar, down 7 won from the previous session's close.

Stocks gained ground amid expectations that the U.S. government's push to relieve supply-chain bottlenecks would help Korean exporters.

"Investors seem to believe the supply shortage problem is getting close to a resolution," Eugene Investment & Securities analyst Huh Jae-hwan said.

Most large caps closed higher in Seoul, led by tech and bio gains.

Samsung Electronics added 0.87 percent to 69,400 won, and chipmaker SK hynix increased 1.96 percent to 93,800 won.

Internet portal operator Naver jumped 3.4 percent to 395,000 won, and Kakao rose 3.85 percent to 121,500 won. Kakao Bank surged 5.55 percent to 59,000 won.

LG Chem leaped 4.95 percent to 848,000 won, and rechargeable battery maker Samsung SDI climbed 3.13 percent to 692,000 won.

Automaker Hyundai Motor declined 0.95 percent to 209,000 won, and Kia edged down 0.12 percent to 84,100 won.

Steelmaker Posco added 0.77 percent to 327,500 won, and SK Innovation rose 1.74 percent 263,500 won.

The Kosdaq rose 29.96 points, or 3.14 percent, to close at 983.43.

Bond prices, which move inversely to yields, closed higher. The yield on three-year government bonds lost 1.2 basis points to 1.812 percent, and the yield on the benchmark 10-year government bond lost 3.7 basis points to 1.53 percent.

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