Seoul: Stocks hit three-week closing high on vaccine roll-out progress

[SEOUL] South Korean shares rose on Tuesday to a three-week closing high, as investors focused on Covid-19 vaccine roll-out progress and global economic recovery hopes. The won gained, while the benchmark bond yield fell.

The Kospi closed 16.25 points or 0.52 per cent higher at 3,163.25, after rising as much as 1.1 per cent in early trade. The index closed higher for a third straight session.

"Coronavirus vaccine roll-out and hopes for economic normalisation such as easing of (Covid-19) lockdown measures lifted investor sentiment," said Daishin Securities analyst Lee Kyoung-min.

South Korea has arranged to buy coronavirus vaccines for 23 million more people, the country's prime minister said.

The British prime minister said on Monday he would plot a cautious but irreversible path out of the Covid-19 lockdown this week.

Japan's stocks rose to a 30-year high as progress in Covid-19 distribution lifted economic recovery hopes, while mainland Chinese markets will remain closed for Chinese New Year through Wednesday. Wall Street was closed on Monday.

A majority of South Korean heavyweights edged lower, though chip giant Samsung Electronics, which accounts for nearly a quarter of Kospi's market value, and peer SK Hynix ended up 0.8 per cent and 0.4 per cent, respectively.

Internet giant Naver jumped 2.2 per cent, while logistics and transportation company KCTC surged nearly 30 per cent after retailer Coupang filed to go public on the New York Stock Exchange.

Foreigners were net buyers of 235.2 billion won (S$282.8 million) worth of shares on the main board.

The won ended at 1,100.1 per dollar on the onshore settlement platform, 0.12 per cent higher than its previous close at 1,101.4.

In offshore trading, the won was quoted at 1,099.9, while in non-deliverable forward trading its one-month contract was quoted at 1,099.4.

The most liquid three-year Korean treasury bond yield fell by 1.3 basis points to 0.985 per cent.

REUTERS