The Business Times

Seoul: Stocks log first gain in five days on recovery hopes

Published Thu, Mar 25, 2021 · 03:45 PM

[SEOUL] South Korean shares rose for the first time in five sessions on Thursday as reassurance from US policymakers powered hopes of a faster economic rebound from the Covid-19 pandemic.

The benchmark Kospi rose 11.98 points, or 0.40 per cent, to 3,008.33.

Among the heavyweights, technology giant Samsung Electronics rose 0.25 per cent and peer SK Hynix fell 0.37 per cent, while LG Chem rose 0.51 per cent and Naver fell 1.8 per cent.

Investors seem to be jumping into the local stock market every time the benchmark index swung below the 3,000-level, said Seo Jung-hun, an analyst at Samsung Securities.

US Treasury Secretary Janet Yellen and Federal Reserve Chair Jerome Powell on Wednesday indicated to Congress that they had confidence in the US economy.

Foreigners were net sellers of 82.1 billion won (S$97.5 million) worth of shares on the main board.

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The Kospi has risen 4.69 per cent so far this year, but lost 4.0 per cent in the previous 30 trading sessions.

REUTERS

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