Stocks close up on institutional buying as investors keep close watch
Stocks ended higher Tuesday on institutional buying, with investors eyeing the Ukraine war, surging energy prices, and inflationary risks. The won fell against the dollar.
The benchmark Kospi rose 23.95 points, or 0.89 percent, to close at 2,710 points.
Trading volume was moderate at about 468.54 million shares worth some 8.4 trillion won ($6.9 billion), with gainers outnumbering losers 578 to 257.
Institutions bought a net 285 billion won while foreigners offloaded 114 billion won and retail investors sold 185 billion won.
Federal Reserve Chair Jerome Powell said Monday the U.S. central bank would raise its benchmark short-term interest rate faster than expected if that is needed to contain rampaging inflation.
U.S. stocks declined after Powell's remarks, with the Dow Jones Industrial Average finishing down 0.6 percent. Oil prices continued to rise following Russia's invasion of Ukraine on Feb. 24.
Tech, auto and heavy industry stocks led gains.
Samsung Electronics rose 0.6 percent to 70,300 won, and chipmaker SK hynix climbed 1.2 percent to 123,500 won.
Carmaker Hyundai Motor gained 3 percent to 173,500 won, and its affiliate Kia inched up 1.1 percent to 71,300 won.
Internet portal operator Naver advanced 0.15 percent to 339,500 won, with Kakao increasing 1.4 percent to 106,500 won.
Daewoo Shipbuilding & Marine Engineering jumped 5.4 percent to 25,450 won, while HMM was down 4.5 percent to 31,150 won.
Hanjin KAL, the parent firm of Korean Air Lines, fell 0.8 percent to 60,200 won, and Jeju Air declined 1.6 percent to 20,950 won.
SK Bioscience fell 2.7 percent to 145,000 won, and Celltrion dipped 7.2 percent to 168,000 won.
The local currency closed at 1,218.10 won against the dollar, up 1.80 won from the previous session's close.
The Kosdaq gained 6.27 points, or 0.68 percent, to close at 924.67 points.
Bond prices, which move inversely to yields, closed lower. The yield on three-year government bonds gained 13.1 basis points to 2.39 percent, and the yield on the benchmark 10-year government bond added 14.1 basis points to 2.29 percent.
BY YONHAP, SHIN HA-NEE [email@example.com]