Seoul: S Korea stocks end 1% higher on chip, biopharma boost; US data in focus

[SEOUL] South Korea shares ended 1 per cent higher on Monday (Nov 15), boosted by semiconductor and biopharmaceutical firms and as upbeat Chinese economic data lifted investor sentiment. The won inched up, while the benchmark bond yield fell.

The benchmark Kospi closed up 30.72 points, or 1.03 per cent, at 2,999.52, after having gained 1.18 per cent to its highest level since Nov 4 earlier in the session.

Among the heavyweights, South Korean chip giants Samsung Electronics and SK Hynix rose 1.13 per cent and 4.23 per cent, respectively, while Samsung Biologics and Celltrion surged 3.72 per cent and 9.13 per cent each.

Shares of Celltrion jumped after the company's monoclonal antibody treatment received approval by the European Commission for Covid-19 treatment.

Lifting the sentiment across the region was upbeat data from China, with annual growth in retail sales and industrial output both handily beating forecasts, despite fresh curbs to control Covid-19 outbreaks and supply shortages.

Investors are now eyeing US retail sales data due on Tuesday (Nov 16) for any impact from the drop in consumer sentiment to a decade low reported for November, as people fretted over higher prices.

REUTERS