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Seoul stocks up 1% on eased inflation woes

The benchmark Korea Composite Stock Price Index (Kospi) figures are displayed at a dealing room of a local bank in Seoul, Tuesday. (Yonhap)
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 rebounded from last week's sharp plunge Tuesday to end 1 percent higher on eased inflation concerns, but they pared part of earlier gains in the face of profit-taking. The Korean won fell against the US dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 30.92 points, or 1.03 percent, to close at 3,043.87 points after rising as high as to 3,096.50.

Trading volume was moderate at about 1.7 billion shares worth around 18.5 trillion won ($16.5 billion), with gainers outnumbering losers 481 to 363.

Foreigners bought a net 204 billion won, while retail investors sold 628 billion won. Institutions purchased a net 445 billion won.

Stocks got off to a bullish start after a three-day holiday on gains by market heavyweights, such as chipmakers and automakers.

On Monday (New York time), the yield on the benchmark 10-year US Treasuries plunged sharply, soothing investor anxiety over faster-than-expected post-pandemic inflation.

"Investors seem to be increasingly counting on the idea that the bond yields will continue to stabilize," Daeshin Securities analyst Lee Kyung-min said.

In Seoul, most large caps closed higher.

Top cap Samsung Electronics added 1.33 percent to 83,600 won, and No. 2 chipmaker SK hynix gained 2.12 percent to 144,500 won.

Top automaker Hyundai Motor rose 0.84 percent to 239,000 won, and internet portal operator Naver climbed 0.67 percent to 377,500 won. Leading chemical firm LG Chem surged 7.22 percent to 891,000 won.

Pharmaceutical firm Samsung Biologics increased 0.4 percent to 753,000 won, but Celltrion lost 2.02 percent to 291,500 won.

The local currency closed at 1,124 won against the US dollar, down 0.5 won from the previous session's close. 

Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys added 0.1 basis point to 1.021 percent, and the return on the benchmark five-year government bond rose 0.1 basis point to 1.450 percent. (Yonhap)
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