Seoul: Shares close at record high as Samsung Electronics, SK Hynix surge

[SEOUL] South Korean shares closed at a record high on Monday, as heavyweights Samsung Electronics and SK Hynix surged on improving demand and an upbeat outlook for the chip industry, even as tightening Covid-19 curbs at home capped gains.

The Kospi rose 49.09 points, or 1.92 per cent, closing at an all-time high of 2,602.59, extending its rally for a fourth consecutive session.

Chip giants Samsung Electronics and SK Hynix surged 4.33 per cent and 3.31 per cent, respectively, on higher demand prospects and an optimistic 2021 earnings outlook.

South Korean exports grew 11.1 per cent during Nov 1 to 20 compared with the same period a year earlier, helped by a 21.9 per cent rise in chip sales and improving overseas demand.

South Korea reported another daily rise of over 200 new coronavirus cases on Monday, a day before tighter social distancing rules aimed at blunting a third wave of infections take effect.

Foreigners were net buyers for a 13th straight session, the longest buying spree since August 2016, purchasing net US$890.21 million worth of Kospi shares. They have bought a total net 6.37 trillion won (S$7.69 billion) worth of shares over the past 13 sessions.

REUTERS