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The benchmark Korea Composite Stock Price Index (Kospi) figures are displayed at a dealing room of a local bank in Seoul, Tuesday. (Yonhap) |
South Korean stocks advanced more than 1.5 percent Tuesday to extend their gains for a second day in a row on strong tech gains, as investors' woes eased over the upcoming discussions about US tapering. The Korean won rose against the US dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) jumped 48.09 points, or 1.56 percent, to close at 3,138.3 points.
Trading volume was moderate at about 578 million shares worth some 14.7 trillion won ($12.6 billion), with gainers outnumbering losers 845 to 58.
Foreigners bought a net 155 billion won, while retail investors sold 357 billion won. Institutions purchased a net 232 billion won.
The KOSPI got off to a bullish start on tech gains, taking a cue from its US peers.
Overnight, the tech-heavy Nasdaq composite jumped 1.55 percent, and the Dow Jones Industrial Average and the S&P 500 gained 0.61 percent and 0.85 percent, respectively.
Investors expect the US Federal Reserve may not hurry the timeline for tapering its stimulus amid spreading new coronavirus variants.
"Investors seem to be increasingly anticipating that the Fed's tapering timeline may be pushed back," Mirae Asset Securities analyst Park Gwang-nam said.
In Seoul, market bellwether Samsung Electronics advanced 3.14 percent to 75,600 won, and No. 2 chipmaker SK hynix increased 1.94 percent to 105,000 won.
Internet portal operator Naver moved up 1.86 percent to 437,500 won, while giant pharmaceutical firm Samsung Biologics plunged 5.25 percent to 956,000 won.
Top automaker Hyundai Motor climbed 2.27 percent to 209,500 won, while leading chemical firm LG Chem lost 1.38 percent to 787,000 won. No. 1 bank heavyweight Kakao Bank dipped 4.9 percent to 85,400 won.
The local currency closed at 1,165.6 won against the US dollar, up 8.1 percent from the previous session's close. (Yonhap)
