Seoul: Shares close at record high on US stimulus

[SEOUL] South Korean shares closed at a record high on Tuesday on hopes that a long-awaited US pandemic aid package would be expanded, though a slew of blue-chips went ex-dividend, capping gains.

The benchmark Kospi rose 11.91 points, or 0.42 per cent, to 2,820.51, extending gains to a fourth day.

Major companies including market heavyweight Samsung Electronics went ex-dividend. Shares of Samsung Electronics ended 0.51 per cent lower.

The US House of Representatives voted to increase stimulus payments to qualified Americans to US$2,000 from US$600, sending the measure on to the Senate for a vote.

South Korea unveiled a fresh US$8.49 billion package on Tuesday to support small businesses hit by the third wave of coronavirus and those vulnerable to unemployment due to the outbreak.

Meanwhile, the nation's export recovery likely accelerated in December due to strong chip demand, though the pandemic continued to add pressure on domestic consumption, a Reuters poll showed.

Foreigners were net sellers of US$287.33 million worth of shares on the main board.

REUTERS