Stocks rise after sanctions announced against Russia

Finance

Published: 23 Feb. 2022, 17:32

Stocks rise after sanctions announced against Russia

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,719.53 points on Wednesday, up 12.74 points, or 0.47 percent, from the previous trading day. [YONHAP]

Stocks climbed Wednesday, after the United States and its European allies announced financial sanctions against Russia over the move to dispatch Russian troops to Ukraine. The won fell against the dollar.

The benchmark Kospi advanced 12.74 points, or 0.47 percent, to close at 2,719.53 points.

Trading volume was moderate at about 527 million shares worth some 9 trillion won ($7.5 billion), with gainers outnumbering losers 674 to 178.

Foreigners sold a net 267 billion won and institutions bought a net 179 billion won, while retail investors bought 75 billion won.

The Kospi rebounded after a two-day retreat from the rising tensions in Ukraine.

Washington criticized the Kremlin's decision to dispatch what Russia called "peacekeeping forces" into eastern Ukraine, and said Russia's invasion has begun.

"The stock prices seem to have rebounded after days of adjustment, with investors having gradually gotten used to the Ukraine issue," Mirae Asset Securities analyst Park Gwang-nam said.

Samsung Electronics lost 0.54 percent to 73,000 won, and chipmaker SK hynix closed unchanged from the previous session at 128,500 won.

Internet portal operator Naver declined 1.28 percent to 309,000 won, and Kakao inched up 0.87 percent to 92,600 won.

Hyundai Motor retreated 0.55 percent to 180,500 won, while Kia gained 0.39 percent to 78,000 won.

LG Energy Solution increased 0.45 percent to 442,000 won, and LG Electronics rose 3.29 percent to 125,500 won. SK Innovation added 0.25 percent to 201,500 won.

Samsung Biologics declined 0.77 percent to 769,000 won, and SK Bioscience gained 0.34 percent to 147,000 won.

The local currency closed at 1,193.6 won against the dollar, up 0.9 won from the previous session's close.

The Kosdaq gained 9.22 points, or 1.06 percent, to close at 877.33 points.

Bond prices, which move inversely to yields, closed mixed. The yield on three-year government bonds lost 0.7 basis point to 2.320 percent, and the yield on the benchmark 10-year government bond climbed 1.7 basis point to 1.94 percent.

BY SHIN HA-NEE, YONHAP [shin.hanee@joongang.co.kr]