Seoul: Shares surge on upbeat US data, virus vaccine hopes

[SEOUL] South Korean shares ended more than 1 per cent higher on Thursday on increased risk appetite after upbeat US factory data and positive developments in a Covid-19 drug trial boosted hopes of a swift global economic recovery.

The Seoul stock market's main Kospi rose 28.67 points, or 1.36 per cent, to close at 2,135.37.

While US manufacturing activity rebounded in June and hit the highest in more than a year, a Covid-19 vaccine developed by German biotech firm BioNTech and US firm Pfizer showed potential in early-stage human trials.

A recovery in US economic indicators has proved with real numbers that the worst of the coronavirus crisis has passed, said Shin Joong-ho, an analyst at eBest Investment & Securities.

Foreigners were net sellers of US$10.41 million worth of shares on the main board.

The trading volume during the session in the Kospi index was 1,073.19 million shares. Of the total traded issues of 899, the number of advancing shares was 671.

REUTERS