Kospi rebounds 1.62% with impeachment ruling announcement

The benchmark Kospi added 40.27 points, or 1.62 percent, to close at 2,521.39, as investors sought bargains and the market responded to the Constitutional Court's announcement of an impeachment ruling on Friday.

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,521.39 points on April 1, up 40.27 points, or 1.62 percent, from the previous trading session. [YONHAP]

Shares rebounded sharply by rising more than 1.5 percent Tuesday to snap a three-session losing streak on bargain hunting and eased political uncertainty.

The benchmark Kospi added 40.27 points, or 1.62 percent, to close at 2,521.39, rebounding from a 3 percent plunge the previous day. The index had fallen for three straight sessions from Thursday.

The Kosdaq rose 18.6 points, or 2.76 percent, to close at 691.45.

Trade volume was slim at 450.3 million shares worth 6.9 trillion won ($4.69 billion), with gainers beating decliners 712 to 182.

Institutions and individuals led the uptick, purchasing a net 180.9 billion won and 86.1 billion won, respectively. Foreigners sold a net 389.8 billion won.

Analysts noted that investors engaged in bargain hunting, driving the index higher after the recent losses.

Additionally, investors are relieved with the Constitutional Court's announcement that it will deliver the long-awaited ruling on the impeachment of President Yoon Suk Yeol this Friday.

Major shares ended in positive territory.

Samsung Electronics gained 1.73 percent to 58,800 won and SK hynix rose 3.3 percent to 197,000 won.

Hyundai Motor increased 0.71 percent to 198,600 won and Kia mounted 0.98 percent to 93,200 won.

Kakao jumped 7.93 percent to 42,200 won and NCSOFT advanced 1.34 percent to 151,400 won.

AmorePacific vaulted 4.44 percent to 105,900 won and Hanwha Aerospace soared 7.34 percent to 673,000 won as the company announced that its executives had purchased 9 billion won worth of treasury shares.

Battery shares remained weak as LG Energy Solution fell 1.94 percent to 328,000 won and Posco Future M retreated 0.91 percent to 119,200 won.

The local currency was trading at 1,471.9 won against the greenback at 3:30 p.m., down 1 won from the previous session.

Bond prices, which move inversely to yields, ended mixed. The yield on three-year government bonds rose 1.1 basis points to 2.58 percent, and the return on the benchmark 10-year U.S. government bonds dropped 2.9 basis points to 4.206 percent.

BY CHO YONG-JUN, YONHAP [cho.yongjun1@joongang.co.kr]