Stocks continue rising as concerns ease over high global energy prices

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,409.16 points on Thursday, up 22.31 points, or 0.93 percent, from the previous trading day. [YONHAP]

Stocks ended higher Thursday, as U.S. rallies and eased concerns over high global energy prices boosted investor sentiment. The won gained ground against the dollar.

The Kospi rose 22.31 points, or 0.93 percent, to close at 2,409.16, extending its winning streak to a second consecutive session. It is the highest figure since June 28, when the Kospi closed at 2,422.09.

Trading volume was small at 290.45 million shares worth 6.19 trillion won ($4.73 billion), with gainers outstripping decliners 563 to 266.

The Kospi opened higher, following Wall Street gains on robust corporate earnings, and had extended gains further on solid foreign buying.

Foreign investors bought shares worth a net 439.7 billion won, while retail investors shed shares worth a net 333.1 billion won and institutions a net 109.8 billion won.

"Recent rallies of U.S. shares on the back of better-than-expected corporate earnings set a positive tone overall for investors," HI Investment & Securities analyst Park Sang-hyun said.

On Wednesday, the Dow Jones Industrial Average inched up 0.15 percent, and the Nasdaq composite surged 1.58 percent, both of which reached their highest closing level since early June.

In Seoul, tech and chemicals led the overall market advance.

Samsung Electronics surged 2.15 percent to 61,800 won, and SK hynix added 0.49 percent to 102,500 won. LG Energy Solution grew 1.69 percent to 390,500 won, and LG Chem surged 5.37 percent to 569,000 won. Naver advanced 1.83 percent to 250,500 won, and Kakao increased 0.1 percent to 73,700 won.

But bio stocks fell, with Samsung Biologics going down 0.73 percent to 817,000 won and Celltrion falling 0.82 percent to 182,500 won.

The local currency ended at 1,307.7 won against the dollar, down 5.2 won from the previous day's close.

The Kosdaq gained 4.43 points, or 0.56 percent, to close at 795.15 points.

Bond prices, which move inversely to yields, closed mixed. The yield on three-year government bonds lost 0.4 basis points to 3.294 percent, and the yield on the 10-year government bond advanced 0.5 basis points to 3.03 percent.

BY CHO JUNG-WOO, YONHAP [cho.jungwoo1@joongang.co.kr]