Kospi climbs 1.62% on bullishness over 'excessive' volatility

A screen in Hana Bank's trading room in central Seoul on Thursday shows Kospi closing at 2,482.12, 39.61 points higher than the previous session. [NEWS1] Shares jumped more than 1.6 percent Thursday, extending their winning streak to the third consecutive session, despite lingering uncertainties over the possible impeachment of President Yoon Suk Yeol due to his botched martial law declaration. The local currency rose slightly against the dollar. The benchmark Kospi jumped 1.62 percent, or 39.61 points, to close at 2,482.12. The Kosdaq gained 7.43 points, or 1.10 percent, to close at 683.35. Trade volume was moderate at 651.7 million shares worth 11.86 trillion won ($8.3 billion), with winners outnumbering losers 616 to 277. Institutions led the Kospi's increase, net purchasing 150.9 billion won worth of shares, while retail investors and foreigners unloaded 244.5 billion won and 24.6 billion won, respectively. "The Kospi will see volatility on concerns over the political turmoil surrounding the impeachment motion against the president, but investors have moved to pick up bargains on the belief that the recent decline in the stock market was excessive considering that the country's financial system and the economy remain solid," Daishin Securities analysis Lee Kyoung-min said. The three-day winning streak came after the Kospi crashed for four straight sessions through Monday amid the ongoing political turmoil sparked by Yoon's surprise martial law declaration on Dec. 3. Blue chip tech shares drove up the Kospi, tracking overnight tech gains on Wall Street. Samsung Electronics soared 3.52 percent to 55,900 won and SK hynix jumped 2.5 percent to 176,100 won. LG Energy Solution shot up 7.01 percent to 404,500 won and LG Chem climbed 1.9 percent to 267,500 won. Hyundai Motor also climbed 1.2 percent to 211,500 won while Kia added 0.73 percent to 97,200 won. Financial shares were also bullish, with KB Financial up 1.87 percent to 87,000 won, and Samsung Life Insurance surging 2.36 percent to 103,900 won. But Naver lost 4.59 percent to 208,000 won while Kakao dipped 2.02 percent to 43,700 won. Korea Zinc lost 2.92 percent to 1.36 million won. The local currency was trading at 1,431.9 won against the dollar at 3:30 p.m., down 0.3 won from the previous session. Bond prices, which move inversely to yields, closed lower. Three-year government bond yields rose 1.6 basis points to 2.561 percent, while the return on the benchmark 10-year U.S. government bonds increased by 3.7 basis points to 4.272 percent. BY CHO YONG-JUN, YONHAP [[email protected]]

Kospi climbs 1.62% on bullishness over 'excessive' volatility Published: 12 Dec. 2024, 17:02 CHO YONG-JUN [email protected] A screen in Hana Bank's trading room in central Seoul on Thursday shows Kospi closing at 2,482.

12, 39.61 points higher than the previous session. [NEWS1] Shares jumped more than 1.

6 percent Thursday, extending their winning streak to the third consecutive session, despite lingering uncertainties over the possible impeachment of President Yoon Suk Yeol due to his botched martial law declaration. The local currency rose slightly against the dollar. The benchmark Kospi jumped 1.

62 percent, or 39.61 points, to close at 2,482.12.

The Kosdaq gained 7.43 points, or 1.10 percent, to close at 683.

35. Trade volume was moderate at 651.7 million shares worth 11.

86 trillion won ($8.3 billion), with winners outnumbering losers 616 to 277. Institutions led the Kospi's increase, net purchasing 150.

9 billion won worth of shares, while retail investors and foreigners unloaded 244.5 billion won and 24.6 billion won, respectively.

"The Kospi will see volatility on concerns over the political turmoil surrounding the impeachment motion against the president, but investors have moved to pick up bargains on the belief that the recent decline in the stock market was excessive considering that the country's financial system and the economy remain solid," Daishin Securities analysis Lee Kyoung-min said. The three-day winning streak came after the Kospi crashed for four straight sessions through Monday amid the ongoing political turmoil sparked by Yoon's surprise martial law declaration on Dec. 3.

Blue chip tech shares drove up the Kospi, tracking overnight tech gains on Wall Street. Samsung Electronics soared 3.52 percent to 55,900 won and SK hynix jumped 2.

5 percent to 176,100 won. LG Energy Solution shot up 7.01 percent to 404,500 won and LG Chem climbed 1.

9 percent to 267,500 won. Hyundai Motor also climbed 1.2 percent to 211,500 won while Kia added 0.

73 percent to 97,200 won. Financial shares were also bullish, with KB Financial up 1.87 percent to 87,000 won, and Samsung Life Insurance surging 2.

36 percent to 103,900 won. But Naver lost 4.59 percent to 208,000 won while Kakao dipped 2.

02 percent to 43,700 won. Korea Zinc lost 2.92 percent to 1.

36 million won. The local currency was trading at 1,431.9 won against the dollar at 3:30 p.

m., down 0.3 won from the previous session.

Bond prices, which move inversely to yields, closed lower. Three-year government bond yields rose 1.6 basis points to 2.

561 percent, while the return on the benchmark 10-year U.S. government bonds increased by 3.

7 basis points to 4.272 percent. BY CHO YONG-JUN, YONHAP [ [email protected] ] var admarutag = admarutag || {} admarutag.

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