Stocks soar as chip export growth hits six-year high

Screens in Hana Bank's trading room in central Seoul show the Kospi closing at 2,674.27 points on Monday, up 1.21 percent, or 31.91 points, from the previous trading session. [YONHAP]

Stocks closed higher Monday as foreigners extended their buying streak to seven consecutive sessions, with technology and financial shares leading the overall rise. The local currency gained against the U.S. dollar.

The Kospi rose 31.91 points, or 1.21 percent, to 2,674.27.

Trade volume was moderate at 383 million shares worth 12.2 trillion won ($9.22 billion), with losers slightly outpacing gainers 442 to 436.

Foreigners were net buyers, scooping up 590 billion won. Individuals offloaded a net 622 billion won, with institutions buying a net 41.4 billion won.

"Hope over the rising chip demand has further escalated, considering Korea's semiconductor exports in February coupled with slowing inflation in the U.S.," said Kim Dae-wook, a researcher at Hana Securities.

Chip exports jumped 66.7 percent on year in February to $9.94 billion, growing for the fourth consecutive month and marking the sharpest increase since the 69.6 percent rise tallied in October 2017.

Tech shares gained ground, tracking the previous week's Wall Street rally, with Samsung Electronics rising 2.04 percent to 74,900 won and SK hynix soaring 6.59 percent to 166,500 won.

Finance shares traded bullish as well, with KB Financial Group advancing 8.66 percent and Samsung Life Insurance gaining 7.22 percent.

LG Chem grew 1.99 percent to 462,000 won, while SK Innovation edged down 0.09 percent to 117,000 won.

LG Energy Solution fell 0.75 percent to 398,500 won, Samsung SDI fell 0.66 percent to 374,500 won, and Posco Future M jumped 5.52 percent to 334,500 won.

Hyundai Motor finished 2 percent higher at 255,500 won with Kia rising 0.88 percent to 125,600 won. Hyundai Mobis climbed 3.92 percent.

The local currency ended at 1,331.3 won against the greenback, down 0.2 won from the previous session's close.

The Kosdaq gained 10.01 points, or 1.16 percent, to close at 872.97.

Bond prices, which move inversely to yields, closed higher. The yield on three-year government bonds fell 2.7 basis points to 3.360 percent, and the return on the benchmark 10-year government bonds lost 5.8 basis points to 4.195 percent.

BY KIM JI-YE, YONHAP [kim.jiye@joongang.co.kr]