Shares up almost 1% as investors buy downbeat issues

Shares rose nearly 1 percent Tuesday as investors picked up recently downbeat issues, including Samsung Electronics, amid worries over inflation and aggressive monetary tightening in major economies.

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,620.44 points on Tuesday, up 23.86 points, or 0.92 percent, from the previous trading day. [NEWS1]

Shares rose nearly 1 percent Tuesday as investors picked up recently downbeat issues, including Samsung Electronics, amid worries over inflation and aggressive monetary tightening in major economies. The won gained ground against the dollar.

The benchmark Kospi added 23.86 points, or 0.92 percent, to close at 2,620.44 points.

Trading volume was moderate at about 859 million shares worth some 9.3 trillion won ($7.3 billion), with gainers outnumbering losers 502 to 344.

Institutions bought a net 462 billion won worth of shares, while foreigners sold 158 billion won and retail investors offloaded 304 billion won in net value.

Tuesday's rise came as investors picked up downbeat shares buoyed in part by eased worries over China's economic slowdown despite lingering concerns over the U.S. Federal Reserve's move for aggressive monetary tightening and supply chain disruptions caused by the ongoing war in Ukraine.

"The market seems to be responding to the stabilizing pace of a rise in U.S. Treasury yields, in addition to the easing worries about China's data," analyst Park Sang-hyun of Hi Investment & Securities said.

In Seoul, large-cap stocks closed mostly higher.

Samsung Electronics jumped 1.96 percent to 67,600 won, and chipmaker SK hynix added 1.81 percent to 112,500 won. Battery maker LG Energy Solution went up 2 percent to 408,500 won.

Kakao, the operator of mobile messenger Kakao Talk, rose 1.09 percent to 83,200 won, and Naver advanced 0.73 percent to 275,500 won.

Hyundai Motor increased 0.82 percent to 185,500 won, while its affiliate Kia closed unchanged at 85,200 won.

Among losers, LG Chem shed 0.39 percent to 505,000 won.

The local currency closed at 1,275 won against the dollar, down 9.1 won from the previous session's close.

The Kosdaq gained 9.73 points, or 1.14 percent, to close at 865.98 points.

Bond prices, which move inversely to yields, closed higher. The yield on three-year government bonds declined 1.8 basis points to 3.033 percent, and the yield on the benchmark 10-year government bond shed 3.5 basis points to 2.88 percent.

BY SHIN HA-NEE, YONHAP [shin.hanee@joongang.co.kr]