Seoul: Stocks jump on stimulus hopes, Samsung Elec leads gain

[SEOUL] South Korean shares soared more than 1 per cent on Monday, with Samsung Electronics leading gains, as sentiment was boosted on hopes of a coronavirus relief package in the United States.

The Korean won strengthened, while the benchmark bond yield fell.

The benchmark Kospi jumped 24.52 points or 1.11 per cent to 2,224.96 by 2.21am GMT.

Top aides to US President Donald Trump said on Sunday they agreed in principle with Senate Republicans on a US$1 trillion coronavirus relief package - the party's opening offer in negotiations with Democrats.

Chip giant Samsung Electronics gained as much as 2.8 per cent, while the country's biggest carmaker Hyundai Motor jumped 2 per cent.

Foreigners were net buyers of 158.8 billion won (S$182.6 million) worth of shares on the main board.

The won was quoted at 1,196.8 per US dollar on the onshore settlement platform, 0.39 per cent higher than its previous close at 1,201.5.

In offshore trading, the won was quoted at 1,197.4 per US dollar, up 0.3 per cent from the previous day, while in non-deliverable forward trading, its one-month contract was quoted at 1,196.6.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.01 per cent.

The trading volume was 542.93 million shares. Of the total traded issues of 901, the number of advancing shares was 582.

In money and debt markets, September futures on three-year treasury bonds fell 0.01 point to 112.21, while the three-month Certificate of Deposit rate was quoted at 0.78 per cent.

The most liquid three-year Korean treasury bond yield rose by 0.5 basis point to 0.804 per cent, while the benchmark 10-year yield fell by 0.6 basis point to 1.299 per cent.

REUTERS