Seoul: Stocks hit highest close in nearly 2 years

[SEOUL] South Korean stocks on Thursday closed at a near two-year high, tracking gains in Wall Street on strong corporate earnings and hopes of even more US stimulus.

The benchmark Kospi ended up 30.75 points, or 1.33 per cent, at 2,342.61. The index hit its highest close since September 2018 after notching a four-day winning streak, led by heavyweight Samsung Electronics.

Concerns that the global economy is stalling amid a surge in coronavirus cases has increased calls for more fiscal aid, a move stock investors have welcomed.

Foreigners were net buyers of US$136.86 million worth of shares on the main board.

The trading volume during the session in the Kospi index was 785.18 million shares. Of the total traded issues of 902, the number of advancing shares was 509.

REUTERS