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(LEAD) Seoul stocks up for 3rd day amid hope for Ukraine peace talks

All News 16:34 March 18, 2022

(ATTN: ADDS bond yields at bottom, photo)

SEOUL, March 18 (Yonhap) -- South Korean stocks extended their winning streak to a third session Friday after choppy trading, as investors eye the ongoing Ukraine-Russia peace talks after eased Fed uncertainties. The Korean won rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) added 12.51 points, or 0.46 percent, to close at 2,707.02 points.

Trading volume was moderate at about 634 million shares worth some 11.3 trillion won (US$9.3 billion), with gainers outnumbering losers 547 to 303.

Retail investors bought a net 134 billion won, while foreigners sold 102 billion won and institutions offloaded 13 billion won.

Electronic signboards at a Hana Bank dealing room in Seoul show the benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,707.02 points on Marhc 18, up 12.51 points or 0.46 percent from the previous session's close. (Yonhap)

Stocks lifted on optimism about Turkey's attempt to mediate the Ukraine-Russia peace talks into a positive result.

Investors are also digesting the U.S. Federal Reserve's hawkish stance to further raise the key interest rates to reign in the price pressure.

"The inflation pressure and the geopolitical risk related to Russia have been considerable, but the eased uncertainties about the recent FOMC meeting results seem to have lifted part of such pressure on local stocks," said Samsung Securities analyst Kim Yong-goo.

Large caps closed mixed in Seoul.

Market bellwether Samsung Electronics lost 0.7 percent to 70,700 won, and No. 2 chipmaker SK hynix and internet portal operator Naver closed unchanged at 124,000 won and 344,500 won, respectively.

Top carmaker Hyundai Motor increased 1.48 percent to 171,000 won, but financial heavyweight KB Financial Group moved down 0.69 percent to 57,500 won. Chemical giant LG Chem jumped 3.94 percent to 488,600 won.

The local currency closed at 1,207.6 won against the U.S. dollar, up 6.7 won from the previous session's close.

Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys added 1.4 basis points to 2.231 percent, and the return on the benchmark five-year government bond rose 2.6 basis points to 2.495 percent.

jwc@yna.co.kr
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