Seoul: Shares start 2021 at record high on chip, EV boost

[SEOUL] South Korean shares ended at a record high on the first trading day in 2021, with the sharpest gain in over six months, as hopes for a swifter economic recovery boosted sentiment.

The Kospi closed up 70.98 points, or 2.47 per cent, to 2,944.45, logging the sharpest daily gain since mid-June and extending gains to a sixth straight session. It ended 2020 up 30.8 per cent.

South Korea's exports expanded at their fastest pace in 26 months in December, on robust chip demand and improved global demand, providing additional signals that the recovery is on track despite resurgences in the novel coronavirus.

Chip giants Samsung Electronics and SK Hynix surged as much as 4. per cent and 8 per cent to their record highs.

Foreigners were net buyers of US$82.47 million worth of shares on the main board.

REUTERS