Seoul: Stocks bounce back, Samsung Elec jumps to record high

[SEOUL] South Korean shares bounced back from earlier falls on Friday, helped by sharp gains in market heavyweights including Samsung Electronics.

The benchmark Kospi index settled 18.25 points, or 0.74 per cent, higher at 2,493.87, after declining as much as 0.6 per cent earlier in the session on concerns over a spike in Covid-19 cases. It rose 3.2 per cent for the week, adding to the previous week's 6.6 per cent jump.

Samsung Electronics climbed 3.6 per cent to a record high on foreign investor buying, while other heavyweights SK Hynix , Hyundai Motor and Kakao Corp rose 1.8 per cent, 2 per cent and 2.2 per cent, respectively.

Foreigners were net buyers for a seventh straight session, purchasing US $468.61 million worth shares in the longest buying spree since mid-January. They bought 3.76 trillion won (S$4.54 billion) worth shares in the last six sessions.

For the week, foreign investor bought a net 2.32 trillion won worth Kospi shares, the largest since September 2013, Refinitiv data showed.

REUTERS