Kospi snaps losing streak to close up 0.31% on retail investor boost

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Kospi snaps losing streak to close up 0.31% on retail investor boost

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,497.40 points on Jan. 14, up 0.31 percent, or 7.84 points, from the previous trading session. [YONHAP]

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,497.40 points on Jan. 14, up 0.31 percent, or 7.84 points, from the previous trading session. [YONHAP]

 
Shares closed higher Tuesday with a boost from retail buying, as investors hedged their bets on rate cuts by the U.S. Federal Reserve amid a resilient U.S. economy. The won rose against the dollar in value.
 
The benchmark Kospi rose 7.84 points, or 0.31 percent, to close at 2,497.40, snapping a two-session losing streak.
 
Trade volume was moderate at 406.24 million shares worth 8 trillion won ($5.46 billion), with gainers outnumbering losers 509 to 363.
 
Overnight, U.S. stocks ended mixed, with the Dow Jones Industrial Average up 0.86 percent and the tech-heavy Nasdaq down 0.38 percent.
 
Individuals bought a net 296.8 billion won worth of stocks, offsetting institutions and foreigners' stock selling valued at 350 billion won.
 
Investors worry the robust job market and persistent inflation in the United States will make it hard for the Fed to continue with its easing cycle, analysts said.
 
Large-cap stocks were mixed in Korea.
 
Carmaker Hyundai Motor rose 0.91 percent to 222,000 won, and Steelmaker Posco Holdings climbed 0.97 percent to 259,500 won.
 
Hanwha Ocean, formerly Daewoo Shipbuilding & Marine Engineering, jumped 6.2 percent to 47,950 won, and battery maker LG Energy Solution gained 3.02 percent to 358,000 won.
 
Samsung Biologics, a contract drug manufacturer, rose 1.19 percent to 1,024,000 won. K-pop agency JYP Entertainment rose 7.06 percent to 75,800 won.
 
Among decliners, Samsung Electronics fell 0.37 percent to 53,900 won, the state-run Korea Gas Corp. declined 1.39 percent to 35,600 won and cosmetics company AmorePacific shed 1.96 percent to 115,300 won.
 
The Kosdaq rose 1.39 percent, or 9.83 points, to 718.04 points.
 
Drug developer Alteogen gained 2.84 percent to 307,500 won. Ecopro BM, a battery part supplier, jumped 7.79 percent to 127,300 won.
 
The local currency was quoted at 1,463.2 won against the greenback at 3:30 p.m., down 7.6 won from the previous session.
 
Bond prices, which move inversely to yields, closed mixed. Three-year government bond yields shed 2.1 basis points to 2.644 percent, while the return on the benchmark 10-year U.S. government bonds rose by 2.1 basis points to 4.786 percent.

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