Stocks gain for a fifth straight day in a choppy session

Finance

Published: 07 Dec. 2021, 17:44 Updated: 07 Dec. 2021, 19:07

Stocks gain for a fifth straight day in a choppy session

A screen at Hana Bank's trading room in central Seoul shows the Kospi closing at 2,991.72 points on Tuesday, up 18.47 points, or 0.62 percent, from the previous trading day. [NEWS1]

Stocks extended their winning streak to a fifth session Tuesday after choppy trading, led by advances in tech and auto shares. The won rose against the dollar.

The benchmark Kospi advanced 18.47 points, or 0.62 percent, to close at 2,991.72 points.

Trading volume was moderate at about 528 million shares worth some 9.9 trillion won ($8.4 billion), with gainers outnumbering losers 586 to 268.

Foreigners bought a net 207 billion won, while institutions sold 80 billion won and retail investors offloaded 140 billion won.

Stock prices fluctuated as investors interpreted the estimate-beating U.S. jobs data in November in different ways.

The strong U.S. data fueled hopes of quick recovery from the pandemic, while fanning concerns that the Federal Reserve could hasten its key rate hike to reign in the inflation pressure.

Investor sentiment also improved on the easing concerns about the Omicron strain of the new coronavirus.

"In a macroscopic way, investors seem to be relieved by the early data that the Omicron risk may not be so catastrophic," Mirae Asset Securities analyst Park Gwang-nam said.

In Seoul, the market was led by gains in tech, auto and financial stocks.

Samsung Electronics added 1.44 percent to 77,400 won, and chipmaker SK hynix gained 2.53 percent to 121,500 won.

Internet portal operator Naver declined 0.26 percent to 391,000 won, and Kakao slipped 0.41 percent to 120,500 won.

Pharmaceutical firm Samsung Biologics retreated 2.66 percent to 877,000 won, with Celltrion shedding 1.45 percent to 203,500 won.

Carmaker Hyundai Motor edged up 0.48 percent to 207,500 won, while batter maker SK Innovation dropped 0.73 percent to 203,000 won.

Kakao Bank gained 2.74 percent to 67,500 won.

The local currency closed at 1,179.5 won against the dollar, down 3.5 won from the previous session's close.

The Kosdaq gained 4.77 points, or 0.48 percent, to close at 966.64.

Bond prices, which move inversely to yields, closed lower. The yield on three-year government bonds added 0.8 basis point to 1.872 percent, and the yield on the benchmark 10-year government bond rose 7.8 basis points to 1.43 percent.

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