Seoul: Stocks rebound to 6-year high on Samsung Elec, won down

[SEOUL] South Korean shares shook off early losses and rebounded to near six-year highs on Thursday as Samsung Electronics' shares surged and as individual investors ramped up buying.

The Korea Composite Stock Price Index (Kospi) closed up 0.1 per cent at 2,209.46 points, its highest close since May 2, 2011.

Market heavyweight Samsung Electronics Co Ltd ended up 2.4 per cent at 2,192,000 won, its highest close since listing.

The stock surged after the company revealed plans to cancel its existing treasury shares worth over US$35 billion by 2018.

Individual investors purchased a net 154.8 billion won (S$191 million) worth of Kospi shares.

Foreign investors turned to net buyers, snapping up shares for the six straight session. They bought a net 10 billion won worth for the day.

The South Korean won slumped as US President Donald Trump's tax-cut plan failed to meet the markets' expectations.

The won was quoted at 1,130.1 to the US dollar at the conclusion of onshore trade, down 0.4 per cent compared to Wednesday's close of 1,125.1.

REUTERS