Seoul: Stocks jumps most since February on bargain hunting, upbeat trade data

[SEOUL] South Korean shares posted their biggest jump more than 9 months on Wednesday (Dec 1) on with bargain hunting, after a sharp drop in the previous session over Omicron coronavirus variant concerns, while upbeat exports data also boosted sentiment.

The won strengthened, while the benchmark bond yield fell.

The KOSPI ended up 60.71 points, or 2.14 per cent, at 2,899.72, logging its sharpest gain since Feb 25 and snapping a 6-day losing streak. November, however, was its worst month since March 2020.

Among heavyweights, chip giants Samsung Electronics and SK Hynix jumped 4.35 per cent and 2.19 per cent, respectively, while LG Chem and Naver added 3.46 per cent and 2.36 per cent each.

The nation's exports grew at their fastest pace in 3 months in November, thanks to post-pandemic recoveries in major trading partners that pushed up demand for chips and petrochemicals.

Separate survey data showed its factory activity expanded further in November, though output shrank for a second straight month.

The country reported a new daily record of 5,123 new coronavirus cases, while the health ministry called for tighter virus prevention measures to head off Omicron, after suspected cases entered the country from Nigeria.

On the main board, foreigners bought net 906.8 billion won (S$1.05 billion) worth of shares.

The won ended at 1,179.2 per dollar on the onshore settlement platform, 0.74 per cent higher than its previous close.

In offshore trading, the won was quoted at 1,178.9, while in non-deliverable forward trading its 1-month contract was quoted at 1,179.5.

In money and debt markets, December futures on 3-year treasury bonds fell 0.03 points to 109.10.

The benchmark 10-year yield fell by 3.3 basis points to 2.185 per cent.

REUTERS