Stocks gain for a second day as tech and finance shares rise

Stocks closed higher for the second straight session on Thursday, driven by advances in chips and financial stocks. The won rose against the dollar.

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,264.65 points on Thursday, up 8.67 points, or 0.38 percent, from the previous trading day. [YONHAP]

Stocks closed higher for the second straight session on Thursday, driven by advances in chips and financial stocks. The won rose against the dollar.

The Kospi rose 8.67 points, or 0.38 percent, to close at 2,264.65 points.

Trading volume was moderate at about 416.6 million shares worth 7.4 trillion won ($5.8 billion). Winners outnumbered losers 501 to 374.

"The Kospi rose in the morning trading, boosted by advances in chips and financial issues, but surrendered some earlier gains in the afternoon. Foreigners continued to purchase stocks in the tech sector," Seo Sang-young, an analyst of Mirae Asset Securities, said.

Foreigners were net buyers and snapped up 509.1 billion won of equities. Institutions and retail investors sold a combined 521.1 billion won.

In Seoul, financial and chip shares were lead gainers while battery shares lost ground.

Samsung Electronics added 0.69 percent to 58,200 won, and chipmaker SK hynix gained 0.49 percent to 81,400 won.

Financial shares gathered ground on expectations the government's recent easing of property regulations could increase demand for loans.

Hana Financial Group jumped 7.19 percent to 46,950 won, KB Financial Group advanced 6.73 percent to 53,900 won and Shinhan Group soared 8.38 percent to 39,450 won.

Among decliners, automaker Hyundai Motor slid 0.93 percent to 159,000 won, battery maker Samsung SDI dipped 3.32 percent to 583,000 won, and chemical firm LG Chem retreated 3.33 percent to 581,000 won.

The local currency closed at 1,269.4 won against the dollar, down 2.3 won from the previous session's close.

The Kosdaq lost 3.75 points, or 0.55 percent, to close at 679.92 points.

Bond prices, which move inversely to yields, closed mixed. The yield on three-year government bonds increased 0.9 basis points to 3.641 percent, and the yield on the benchmark 10-year government bonds fell 6.2 basis points to 3.685 percent.

BY SEO JI-EUN, YONHAP [seo.jieun1@joongang.co.kr]