Seoul: Shares track global gains as Yellen calls for more stimulus

[SEOUL] South Korean shares rose on Wednesday, tracking global markets, after US Treasury Secretary nominee Janet Yellen reaffirmed her commitment to more relief measures.

The benchmark KospI ended up 21.89 points, or 0.71per cent, at 3,114.55, after rising as much as 1.7 per cent in early trade.

The index soared 2.6 per cent on Tuesday.

On Tuesday, Ms Yellen urged lawmakers to "act big" on the next coronavirus relief package, adding that the benefits outweigh the expenses of a higher debt burden.

"Yellen's confirmation hearing continued to boost risk appetite, though worries about short-term overheating (in KOSPI) remains," said Samsung Securities' analyst Seo Jung-hun.

Major heavyweights Samsung Electronics and Samsung SDI rose 0.2 per cent and 1.6 per cent, respectively, while Hyundai Motor slid 1 per cent.

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LG Electronics' shares surged 12.8 per cent after the company said it is considering all possibilities when it comes to the direction of its mobile business.

Foreigners were net sellers of US$216.06 million worth of shares on the main board.

REUTERS