First trading session of 2022 ends on positive note

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,988.77 points on Monday, up 11.12 points, or 0.37 percent, from the previous trading day. [YONHAP]

Stocks finished higher Monday, the first trading session of 2022. The won fell against the dollar.

The benchmark Kospi rose 11.12 points, or 0.37 percent, to close at 2,988.77 points.

Trading started an hour late at 10 a.m. Monday due to a New Year opening ceremony and closed at 3:30 p.m.

Trading volume was moderate at about 429 million shares worth some 8.1 trillion won ($6.8 billion), with gainers outnumbering losers 656 to 187.

Foreigners bought a net 266 billion won and retail investors purchased 519 billion won, while institutions bought a net 813 billion won.

The Kospi got off to a bullish start amid rosy expectations for corporate earnings. The index briefly topped the 3,000-point mark on tech and chemical advances.

The index pared its gains in the late morning, taking a cue from reports that shares of Evergrande Group, a debt-laden Chinese major property developer, were suspended in Hong Kong.

"Foreign buying of Kospi futures decreased after Hong Kong stocks retreated," Shinhan Investment analyst Choi Yoo-joon said, adding the Evergrande case raised investors' caution in the Asian financial markets.

Samsung Electronics added 0.38 percent to 78,600 won, while chipmaker SK hynix decreased 1.91 percent to 128,500 won.

Internet portal operator Naver lost 0.66 percent to 376,000 won, and Kakao gained 1.78 percent to 114,500 won.

LG Chem gained 0.49 percent to 618,000 won, and battery maker SK Innovation jumped 3.98 percent to 248,000 won. Samsung SDI retreated 0.76 percent to 650,000 won.

Pharmaceutical firm Samsung Biologics advanced 0.89 percent, and Celltrion edged up 0.25 percent to 198,500 won.

Game publisher NCSoft rose 3.73 percent to 667,000 won, and Netmarble increased 2 percent to 127,500 won.

The local currency closed at 1,191.8 won to the dollar, up 3 won from the previous session's close.

The Kosdaq gained 3.85 points, or 0.37 percent, to close at 1,037.83.

Bond prices, which move inversely to yields, closed lower. The yield on three-year government bonds gained 5.4 basis points to 1.856 percent, and the yield on the benchmark 10-year government bond added 0.4 basis point to 1.51 percent.

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