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| Electronic signboards at a Hana Bank dealing room in Seoul's Jung District show that the benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,647.38, Monday, up 8.09 points, or 0.31 percent, from the previous session. Yonhap |
Korean stocks ended marginally higher to rise for a second day Monday amid hopes for a slowdown in inflation and partial easing of COVID-19 lockdowns in China. The local currency gathered ground against the U.S. dollar.
After swerving in and out of positive terrain, the Korea Composite Stock Price Index (KOSPI) closed up 8.09 points, or 0.31 percent, to 2,647.38.
Trading volume was moderate at 631.1 million shares worth 7.7 trillion won (US$6.09 billion), with decliners outpacing gainers 464 to 364.
"Fluctuating U.S. markets have weighed on the local stock market and dampened investor sentiment, while China's active efforts to stimulate the economy, along with its planned easing of COVID-19 lockdowns in Shanghai, give a sense of relief to investors," Seo Sang-young, an analyst at Mirae Asset Securities Co., said.
Investors will pay close attention to the U.S. Federal Reserve's minutes and U.S. personal consumption expenditure price, a key gauge of inflation used by the Fed, both set to be released later this week, Seo said.
Investors' woes over inflation eased as U.S. President Joe Biden in Tokyo says he will consider reducing tariffs on Chinese goods.
Shanghai, meanwhile, began Sunday to allow some public transport to run again, some 50 days after its strict lockdown over the spread of COVID-19.
In Seoul, shares finished mixed, with biopharmaceuticals and auto blue-chips advancing, while utilities and refiner stocks lost ground.
Hyundai Motor rose 0.8 percent to 188,000, and vaccine maker SK Bioscience jumped 4.72 percent to 133,000 won, after South Korea and the United States announced plans to deepen economic cooperation following the leaders' summit last week, especially in semiconductors, batteries, bio and future mobility sectors.
State-run gas provider Korea Gas slumped 3.22 percent to 42,100 won, and top refiner SK Innovation fell 0.95 percent to 209,000 won.
Market bellwether Samsung Electronics slipped 0.15 percent to 67,900 won.
The local currency ended at 1,264.10 won against the U.S. dollar, up 4.0 won from Friday's close.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 0.7 basis point to 3.018 percent and the return on the five-year government bonds gained 0.2 basis point to 3.205 percent. (Yonhap)
