Stocks up for a sixth day as Omicron fears recede

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Stocks up for a sixth day as Omicron fears recede

A screen at Hana Bank's trading room in central Seoul shows the Kospi closing at 3,029.57 points on Thursday, up 27.77 points, or 0.93 percent, from the previous trading day. [NEWS1]

A screen at Hana Bank's trading room in central Seoul shows the Kospi closing at 3,029.57 points on Thursday, up 27.77 points, or 0.93 percent, from the previous trading day. [NEWS1]

 
Stocks advanced for a seventh consecutive session Thursday amid eased concerns about the Omicron variant of the new coronavirus. The won rose against the dollar.
 
The benchmark Kospi added 27.77 points, or 0.93 percent, to close at 3,029.57 points.
 
Trading volume was moderate at about 496 million shares worth some 12 trillion won ($10.2 billion), with gainers outnumbering losers 656 to 187.
 
Institutions bought a net 861 billion won, while foreigners sold 98 billion won and retail investors bought 779 billion won.
 
Stocks opened higher, tracking overnight gains on Wall Street.
 
"Volatility from the Omicron uncertainties is being relieved two weeks after the first outbreak, and we have more data about the new variant," said Kiwoom Securities analyst Han Ji-young.
 
Tech, steel and chemicals lead the overall market gain in Seoul.
 
Samsung Electronics advanced 1.03 percent to 78,200 won, and chipmaker SK hynix increased 2.92 percent to 123,500 won.
 
Internet portal operator Naver increased 1.14 percent to 399,500 won, with Kakao climbing 1.24 percent to 122,500 won.
 
Carmaker Hyundai Motor lost 0.24 percent to 207,000 won, and its sister company Kia rose 1.08 percent to 84,100 won.  
 
Pharmaceutical firm Samsung Biologics gained 0.22 percent to 916,000 won, and Celltrion gained 1.69 percent to 211,000 won.  
 
LG Chem slipped 0.53 percent to 747,000 won, while batter maker SK Innovation edged up 0.24 percent to 208,000 won. Steelmaker Posco advanced 1.72 percent to 295,000 won.  
 
KakaoBank shed 4.89 percent to 64,200 won, and payment service provider Kakao Pay added 3.22 percent to 208,500 won.  
 
Game publisher NCSoft increased 0.68 percent to 737,000 won, and Netmarble rose 2.1 percent to 121,500 won.  
 
The Kosdaq rose 16.83 points, or 1.67 percent, to close at 1,022.87.  
 
The local currency closed at 1,174. 5 won against the dollar, down 1.4 won from the previous session's close.
 
Bond prices, which move inversely to yields, closed mixed. The yield on three-year government bonds lost 3.9 basis points to 1.794 percent, and the yield on the benchmark 10-year government bond added 5 basis points to 1.52 percent.
 

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