Big tech gains on first trading day of 2024

Korean stocks rose, driven by tech gains and an improving global appetite for risky assets. The local currency fell in value against the dollar.

Screens in Hana Bank's trading room in central Seoul show the Kospi closing at 2,669.81 points on Tuesday, up 0.55 percent, or 14.53 points, from the previous trading session.[NEWS1]

Shares closed higher Tuesday, the first trading day of the year, boosted by tech gains and an improving global appetite for risky assets. The local currency fell in value against the dollar.

The benchmark Kospi rose 14.53 points, or 0.55 percent, to close at 2,669.8, extending its winning streak to a fourth day.

The Kosdaq rose 12.36 points, or 1.43 percent, to close at 878.93.

Trade volume was moderate at 404.2 million shares worth 9.5 trillion won ($7.3 billion), with decliners outpacing gainers 449 to 436.

Institutions and foreigners bought a combined 341 billion won worth of stocks, offsetting individuals' stock selling valued at 346 billion won.

Foreign purchases of tech stocks in the Korean market helped boost the main index to end in positive territory, analysts said.

The Korean stock market also saw a boost from an improving appetite for emerging market stocks amid growing bets that the U.S. Federal Reserve will cut interest rates this year.

Tech, airline and shipbuilding stocks led gains in Seoul.

Samsung Electronics rose 1.4 percent to 79,600 won, chipmaker SK hynix climbed 0.6 percent to 142,400 won and panel maker LG Display jumped 4.8 percent to 13,350 won.

Hanjin KAL, the parent company of Korean Air, jumped 7.4 percent to 78,200 won, and biopharmaceutical firm Celltrion soared 14.89 percent to 231,500 won.

Samsung Heavy Industries gained 1.4 percent to 7,860 won while HMM rose 5.21 percent to 20,600 won.

Among decliners, Hyundai Motor fell 1.5 percent to 200,500 won, and its affiliate Kia declined 2.4 percent to 97,600 won.

State utility Korea Electric Power Corporation fell 0.3 percent to 18,840 won, and cosmetics firm AmorePacific shed 2.6 percent to 141,200 won.

Posco International slipped 5.13 percent to 59,200 won.

The local currency closed at 1,300.40 won against the dollar, up 12.4 won from the previous session's close.

Bond prices, which move inversely to yields, closed lower. The yield on three-year government bonds rose 7.6 points to 3.238 percent, and the return on the benchmark U.S. 10-year government bonds gained 3.9 points to 3.879 percent.

BY KIM JU-YEON, YONHAP [kim.juyeon2@joongang.co.kr]