Stocks end higher Tuesday, won rises against the dollar

Home > Business > Finance

Stocks end higher Tuesday, won rises against the dollar

Published: 15 Nov. 2022, 17:35 Updated: 15 Nov. 2022, 18:28

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,480.33 points on Tuesday, up 5.68 points, or 0.23 percent, from the previous trading day. [YONHAP]

Stocks ended higher Tuesday, as a rise in big-cap tech shares offset profit-taking from recent sharp gains. The won rose against the dollar.

After choppy trading, the benchmark Kospi added 5.68 points, or 0.23 percent, to close at 2,480.33.

Trading volume was moderate at about 608 million shares worth some 9.14 trillion won ($6.93 billion), with gainers outnumbering losers 596 to 282.

Retail investors bought a net 326.7 billion won worth of shares, while foreigners shed a net 264.1 billion won and institutions a net 80.0 billion won.

The market opened higher, despite U.S. losses, and had moved within a tight range throughout the session before ending in positive terrain.

"Investors digested major economic developments, including inflation data and messages on U.S. interest rate hikes, and have sought direction after the recent rally," Daeshin Securities analyst Lee Kyung-min said.

On Monday, Federal Reserve Vice Chair Lael Brainard stressed the commitment to rein in high inflation by saying that the U.S. central bank will soon likely slow interest rates hikes, though it has "additional work to do."

In Seoul, Samsung Electronics grew 0.81 percent to 62,400 won, and SK hynix added 0.77 percent to 91,600 won.

Bio shares ended higher, with Samsung Biologics increasing 0.55 percent to 906,000 won and Celltrion advancing 1.62 percent to 188,000 won.

Naver jumped 1.86 percent to 192,000 won, and Kakao rose 0.34 percent to 58,700 won.

But LG Energy Solutions fell 1.32 percent to 596,000 won, and LG Chem sank 2.20 percent to 710,000 won.

Hyundai Motor shed 0.85 percent to 174,500 won, and its affiliate Kia skidded 2.0 percent to 68,500 won.

Posco lost 1.02 percent to 291,500 won.

The local currency ended at 1,317.6 won against the dollar, down 8.3 won from the previous session's close.

The Kosdaq rose 15.42 points, or 2.11 percent, to close at 744.96 points.

Bond prices, which move inversely to yields, closed higher. The yield on three-year government bonds fell 9.2 basis points to 3.757 percent, and the yield on 10-year government bonds dropped 5.5 basis points to 3.872 percent.

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