Seoul: Stocks gain on upbeat trade data, Biden's infrastructure plan

[SEOUL] South Korean shares ended higher on Thursday, driven by gains in chip heavyweights and foreign buying, as a double-digit expansion in exports and hopes that the US President Joe Biden's infrastructure plan will boost recovery lifted investor sentiment.

The Kospi closed up 25.98 points, or 0.85 per cent, at 3,087.40, rebounding from a 0.28 per cent fall on Wednesday.

The nation's exports in March expanded for a fifth straight month and by 16.6 per cent year-on-year, thanks to robust demand for chips and petrochemical products.

On the heels of a US$1.9 trillion pandemic relief package, US President Joe Biden on Wednesday outlined a broad US$2 trillion proposal to re-make the world's biggest economy including spending on roads, railways, broadband, clean energy and semiconductor manufacture.

Chip heavyweights Samsung Electronics and SK Hynix jumped 1.84 per cent and 6.04 per cent each, leading the benchmark gains, while battery maker LG Chem and internet giant Naver also added 1.74 per cent and 0.40 per cent, respectively.

Foreigners were net buyers of US$497.19 million worth of shares on the main board.

REUTERS