Stocks climb on hopes for Ukraine, Russia talks

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Stocks climb on hopes for Ukraine, Russia talks

Published: 29 Mar. 2022, 17:50

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,741.07 points on Tuesday, up 11.51 points, or 0.42 percent, from the previous trading day. [YONHAP]

Stocks climbed Tuesday as investors were buoyed by prospects for ceasefire talks between Russia and Ukraine. The won sharply rose against the dollar.

The benchmark Kospi went up 11.51 points, or 0.42 percent, to close at 2,741.07 points.

Trading volume was moderate at about 720 million shares worth some 9.9 trillion won ($8.1 billion), with gainers outnumbering losers 475 to 386.

Institutions scooped up a net 327 billion won while foreign and individual investors offloaded 283 billion won and 85 billion won, respectively.

Stocks got off to a bullish start, tracking overnight gains on Wall Street on hopes for talks between Russia and Ukraine that are set to start later this week.

"Hopes for Russia-Ukraine peace talks boosted investor sentiment," Mirae Asset Securities analyst Seo Sang-young said.

Most large caps closed higher in Seoul.

Tech shares were bullish, with Samsung Electronics closing 0.72 percent higher to 70,200 won. Chipmaker SK hynix increased 1.69 percent to 120,000 won.

LG Energy Solution climbed 1.03 percent to close at 441,000 won.

Naver moved up 0.75 percent to 334,000 won, and Kakao increased 0.48 percent to 105,500 won. LG Chem was unchanged at 523,000 won.

Steelmaker Posco went down 0.17 percent to 299,000 won and state-run Korea Electric Power Corporation slipped 2.8 percent to 22,550 won.

Biopharmaceutical company SK bioscience inched up 0.33 percent to 150,500 won, and Celltrion climbed 1.49 percent to 170,500 won. Samsung Biologics advanced 0.61 percent to 828,000 won.

The local currency closed at 1,219.8 won against the dollar, down 7.5 won from the previous session's close.

The Kosdaq advanced 10.72 points, or 1.16 percent, to close at 937.83 points.

AhnLab, a software company founded by Ahn Cheol-soo of the People’s Party, rose 4.19 percent to 139,100 won.

Bond prices, which move inversely to yields, closed higher. The yield on three-year government bonds declined 4.0 basis points to 2.702 percent, and the yield on the benchmark 10-year government bond decreased 10.4 basis points to 2.47 percent.

BY YONHAP, SHIN HA-NEE [[email protected]]