SEOUL– South Korean shares extended their winning streak to a third session Thursday amid the geopolitical uncertainties in Ukraine. The Korean won fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) added 10.91 points, or 0.4 percent, to close at 2,757.65 points.
Trading volume was moderate at about 1 billion shares worth some 9.6 trillion won (US$7.9 billion), with gainers outnumbering losers 607 to 240.
Institutions bought a net 191 billion won, while foreigners sold 176 billion won and retail investors offloaded 12 billion won.
After a choppy start, stocks gathered ground amid reports Russia offered a cease-fire in the Ukrainian city of Mariupol to let civilians evacuate.
Financials and steelmakers led the overall market advance.
“The KOSPI advanced on news about Russia’s cease-fire offer in Mariupol. The U.S. Fed’s hawkish comment pushed up the bond rates in the U.S., but its impacts were already priced into the local stocks,” said Eugene Investment & Securities analyst Huh Jae-hwan.
Top cap Samsung Electronics lost 0.43 percent to 69,600 won, while battery giant LG Energy Solution rose 0.34 percent to 442,000 won.
Financial heavyweight KB Financial Group increased 2.17 percent to 61,300 won, and internet bank Kakao Bank gained 2.58 percent to 51,600 won.
Internet portal operator Naver climbed 0.44 percent to 340,500 won, while leading carmaker Hyundai Motor lost 0.28 percent to 180,500 won.
The local currency closed at 1,212.1 won against the U.S. dollar, down 2.5 won from the previous session’s close.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys added 4.8 basis points to 2.663 percent, and the return on the benchmark five-year government bond rose 5.5 basis points to 2.856 percent.
Source: Yonhap News Agency