Stocks eke out a gain as institutions provide support

A screen at Hana Bank's trading room in central Seoul shows the Kospi closing at 2,962.46 points on Tuesday, up 2.26 points, or 0.08 percent, from the previous trading day. [YONHAP]

Stocks edged up Tuesday after a choppy session, led by institutional buying. The won rose against the dollar.

The benchmark Kospi added 2.26 points, or 0.08 percent, to 2,962.46 points.

Trading volume was moderate at about 699 million shares worth some 9.6 trillion won ($8.1 billion), with gainers outnumbering losers 540 to 317.

Institutions bought a net 274 billion won, while foreigners sold 136 billion won. Retail investors offloaded a net 154 billion won.

"Local stocks seem to have posted weak performance due to the absence of positive events," said Samsung Securities analyst Seo Jeong-hoon.

Samsung Electronics slipped 0.14 percent to 70,500 won, while chipmaker SK hynix increased 1.4 percent to 109,000 won.

Internet portal operator Naver rose 2.33 percent to 417,500 won and Kakao edged up 0.4 percent to 125,500 won.

Bio stocks rose after they closed low on Monday following news of Pfizer's Covid-19 treatment pill.

Pharmaceutical firm Samsung Biologics gained 0.36 percent to 826,000 won, with Celltrion jumping 4.31 percent to 205,500 won. SK Bioscience added 0.68 percent to 222,000 won, while Covid-19 test kit maker Seegene edged down 0.59 percent to 50,400 won.

Automaker Hyundai Motor declined 0.93 percent to 213,000 won, and its sister company Kia fell 1.25 percent to 87,000 won.

LG Chem dropped 0.26 percent to 769,000 won, and battery maker SK Innovation lost 0.64 percent to 232,500 won. Steelmaker Posco gained 0.18 percent to 285,000 won.

Online game publisher NCSoft fell 0.32 percent to 627,000 won, and Netmarble jumped 5.2 percent to 131,500 won. Krafton rose 5.44 percent to 465,500 won.

The Kosdaq gained 6.18 points, or 0.62 percent, to close at 1,008.68.

The local currency closed at 1,177.2 won against the dollar, down 5.9 won from the previous session's close.

Bond prices, which move inversely to yields, closed mixed. The yield on three-year government bonds lost 4.1 basis points to 1.865 percent, and the yield on the benchmark 10-year government bond gained 3.8 basis points to 1.48 percent.

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