Seoul: Shares jump on Samsung boost, economic recovery hopes

[SEOUL] South Korean shares climbed nearly 1 per cent on Thursday as gains in Samsung Electronics and economic recovery hopes outweighed coronavirus worries.

The Kospi index rose 24.37 points, or 0.94 per cent, to 2,625.91, after declining 0.6 per cent in the previous session.

Shares in chip giants Samsung Electronics and SK Hynix were up 2.1 per cent and 2.3 per cent, respectively, while those of LG Chem gained 3.6 per cent.

South Korea's central bank kept its policy rate steady as it marginally raised its growth outlook for this year and next, despite concerns over surging infections.

The country reported 583 new coronavirus cases on Thursday, the highest since March, as it grapples with a third wave of infections that appears to be worsening despite tough new social distancing measures.

Foreigners were net buyers of US$229.92 million worth of Kospi shares, after snapping a 14-session buying spree on Wednesday.

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REUTERS