Seoul: Stocks rise 1% on virus treatment hopes, drop in new cases

[SEOUL] South Korean shares rose just over 1 per cent on Monday, in line with Asian peers, as the US drug regulator's authorisation of the use of blood plasma from recovered patients as a Covid-19 treatment lifted sentiment, while new domestic cases slowed.

The benchmark Kospi closed up 25.24 points, or 1.10 per cent, to 2,329.83.

The sub-index for pharmaceutical sector jumped 2.9 per cent, following the authorisation from the US Food & Drug Administration on Sunday.

South Korea reported 266 new infections on Monday, down from 397 on Sunday, bringing the national tally to 17,655 with 309 deaths.

South Korea's central bank chief said the bank would maintain its accommodative monetary policy as a recent surge in infections will likely weaken the country's economic recovery. The bank will hold its monetary policy meeting on Thursday.

Foreigners were net buyers of US$166.97 million worth of shares on the main board.

REUTERS