Seoul: Stocks rebound as inflation fears fade

[SEOUL] South Korean shares rebounded on Tuesday, tracking Wall Street gains overnight on eased inflation worries, and as foreign investors ended a nine-day selling run.

The benchmark Kospi closed up 27.02 points, or 0.86 per cent, at 3,171.32, snapping a three-day losing streak.

Among heavyweights, technology giant Samsung Electronics rose 0.25 per cent and peer SK Hynix climbed 2.93 per cent, while internet giant Naver added 0.70 per cent.

Foreigners were net buyers of US$60.91 million worth of shares on the main board, ending a selling run that began on May 11.

Meanwhile, the country's central bank is seen keeping its interest rates at record lows on Thursday and for the rest of 2021, as Covid-19 uncertainties and worries about financial imbalances offset signs of a broader economic recovery.

REUTERS