Stocks jump 1 percent after a strong Friday in U.S. markets

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Stocks jump 1 percent after a strong Friday in U.S. markets

A screen at Hana Bank's trading room in central Seoul shows the Kospi closing at 2,999.52 points on Monday, up 30.72 points, or 1.03 percent, from the previous trading day. [YONHAP]

A screen at Hana Bank's trading room in central Seoul shows the Kospi closing at 2,999.52 points on Monday, up 30.72 points, or 1.03 percent, from the previous trading day. [YONHAP]

 
The Kospi ended trade just shy of the 3,000 mark Monday after a strong session, led by foreign and institutional buying. The won rose against the dollar.
 
The benchmark Kospi rose 30.72 points, or 1.03 percent, to close at 2,999.52 points.
 
Trading volume was moderate at about 631 million shares worth some 11.2 trillion won ($9.5 billion), with gainers outnumbering losers 626 to 238.
 
Foreigners bought a net 398 billion won and institutions purchased a net 417 billion won, while retail investors sold 815 billion won.
 
The key stock index rose back above the 3,000 point for the first time in six sessions, tracking gains on Wall Street and China's estimate-beating retail sales and industrial output in October.
 
The tech-heavy Nasdaq composite rose 1 percent, and the Dow Jones Industrial Average added 0.5 percent Friday.
 
Investors are waiting for the virtual summit of the leaders of the U.S. and China set for this week.
 
U.S. President Joe Biden and his Chinese counterpart, Xi Jinping, will talk virtually Monday to discuss bilateral issues.
 
"Chinese data seem to have added uptick momentum for the Kospi," said Mirae Asset Securities analyst Park Gwang-nam.
 
"Investors are hoping that the U.S.-China talk will help ease the inflation pressure," he added.
 
In Seoul, Samsung Electronics advanced 1.13 percent to 71,400 won, and chipmaker SK hynix jumped 4.23 percent to 111,000 won.
 
Samsung Biologics jumped 3.72 percent to 864,000 won.
 
Automaker Hyundai Motor moved up 0.48 percent to 209,000 won, and its sister company Kia edged down 0.35 percent to 86,500 won. 
 
Battery maker SK Innovation added 0.88 percent to 228,500 won, and Samsung SDI rose 0.4 percent to 754,000 won. 
 
The Kosdaq gained 19.96 points, or 1.98 percent, to close at 1029.03. 
 
The local currency closed at 1,178.4 won against the dollar, down 1.2 won from the previous session's close.
 
Bond prices, which move inversely to yields, closed mixed. The yield on three-year government bonds lost 5.7 basis points to 1.912 percent, and the yield on the benchmark 10-year government bond added 1 basis point to 1.56 percent.
 

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