Stocks rise for a second day as global concerns ease a bit

Stocks closed higher for the second straight day Tuesday as investor sentiment was buoyed by positive outlooks on global supply bottlenecks and other key economic issues.

A screen at Hana Bank's trading room in central Seoul shows the Kospi closing at 3,013.49 points on Tuesday, up 34.55 points, or 1.16 percent, from the previous trading day. [NEWS1]

Stocks closed higher for the second straight day Tuesday as investor sentiment was buoyed by positive outlooks on global supply bottlenecks and other key economic issues. The won rose against the dollar.

The benchmark Kospi added 34.55 points, or 1.16 percent, to close at 3,013.49 points.

Trading volume was moderate at about 513 million shares worth some 9.5 trillion won ($8.08 billion), with gainers outnumbering losers 657 to 187.

Foreigners bought a net 323 billion won, and institutions bought 765 billion won. Retail investors offloaded a net 1.08 trillion won worth of stocks.

Overnight, the Dow Jones Industrial Average added 0.26 percent to finish the trading day at a record high, while the tech-heavy Nasdaq composite rose 0.63 percent, also a closing record.

Better-than-expected data on U.S. manufacturing growth released Monday also seemed to have a positive impact on investor sentiment.

"There is a number of factors that boosted investor sentiment today," Park Kwang-nam, an analyst at Mirae Asset Securities, said by phone.

He cited "remarks by U.S. President Joe Biden during the G-20 Summit that the U.S. will work to ease global supply chain woes."

Another factor in play, Park said, is comments made by Finance Minister Hong Nam-ki during an investor relations session in London on Monday.

Hong said the government will push to win developed-market status from Morgan Stanley Capital International. Korea remains an emerging market, and the possible upgrade is expected to help end the undervaluation of the Korean stock market.

Samsung Electronics added 2.29 percent to 71,500 won, chipmaker SK hynix increased 0.94 percent to 107,500 won.

Internet portal operator Naver edged up 0.37 percent to 410,000 won, and Kakao rose 1.99 percent to 128,000 won.

Automaker Hyundai Motor advanced 0.96 percent to 210,000 won.

The Kosdaq rose 10.87 points, or 1.09 percent, to close at 1,009.44.

The local currency closed at 1,174.4 won against the dollar, down 2.1 won from the previous session's close.

Bond prices, which move inversely to yields, closed mixed. The yield on three-year government bonds shed 5.8 basis points to 2.04 percent, while the yield on the benchmark 10-year government bond added 0.2 basis point to 1.56 percent.

BY LEE TAE-HEE, YONHAP [lee.taehee2@joongang.co.kr]