Stocks rise as Russia and Ukraine agree to talks

Finance

Published: 28 Feb. 2022, 18:07 Updated: 28 Feb. 2022, 19:24

Stocks rise as Russia and Ukraine agree to talks

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,699.18 points on Monday, up 22.42 points, or 0.84 percent, from the previous trading day. [YONHAP]

Stocks closed higher Monday after choppy trading, backed by reports that Ukraine and Russia have agreed to talks. The won fell against the dollar.

The benchmark Kospi added 22.42 points, or 0.84 percent, to close at 2,699.18 points.

Trading volume was moderate at about 604 million shares worth some 12.7 trillion won ($10.5 billion), with gainers outnumbering losers 631 to 240.

Foreigners bought a net 89 billion won and retail investors purchased 289 billion won, while institutions offloaded 372 billion won.

The key stock index largely fluctuated according to developments in the military tensions in Ukraine.

After a weak start, stocks rebounded as investors digested a new set of sanctions by the United States and Western nations on Russia over the Kremlin's attack on Ukraine.

"Stocks initially retreated on Russia's consideration of using nuclear weapons, but rebounded on investors' optimism about the Ukraine-Russia talks," Kiwoom Securities analyst Kim Sae-heon said.

Samsung Electronics increased 0.28 percent to 72,100 won, and chipmaker SK hynix climbed 0.41 percent to 123,500 won.

Internet portal operator Naver rose 1.11 percent to 318,000 won, while Kakao inched down 0.32 percent to 94,100 won.

Pharmaceutical company Samsung Biologics climbed 2.5 percent to 779,000 won, and Celltrion added 2.57 percent to 159,500 won. SK Bioscience gained 3.91 percent to 146,000 won.

Battery maker LG Energy Solution lost 1.9 percent to 412,000 won, while SK Innovation slipped 0.25 percent to 200,500 won. Samsung SDI increased 1.67 percent to 548,000 won.

Carmaker Hyundai Motor gained 0.57 percent to 175,000 won, while its affiliate Kia remained unchanged at 73,800 won.

The local currency closed at 1,202.3 won against the dollar, up 0.7 won from the previous session's close.

The Kosdaq gained 8.09 points, or 0.93 percent, to close at 881.07 points.

Bond prices, which move inversely to yields, closed higher. The yield on three-year government bonds lost 0.2 basis point to 2.242 percent, and the yield on the benchmark 10-year government bond declined 0.3 basis point to 1.96 percent.

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