Samsung Elec rally, US stimulus lift S.Korea stocks to record high – Reuters

Samsung Elec rally, U.S. stimulus lift S.Korea stocks to record high

Asian Markets

Reuters Staff

    * KOSPI rises, foreigners net sellers
	    * KRW strengthens against USD
	    * S.Korea benchmark bond yield rises
	    SEOUL, Dec 28 (Reuters) - Round-up of South Korean financial
	    ** South Korean shares jumped to a record high on Monday,
	driven by market heavyweight Samsung Electronics and as U.S.
	President Donald Trump signed a long-awaited coronavirus aid
	bill. Both the won and the benchmark bond yield rose.
	    ** The benchmark KOSPI         was up 14.73 points, or
	0.52%, at 2,821.59 by 0152 GMT, after rising as much as 1% in
	early trade.
	    ** Trump on Sunday signed into law a $2.3 trillion pandemic
	aid and spending package, officials said, restoring unemployment
	benefits to millions of Americans and averting a partial federal
	government shutdown.             
	    ** The U.S. stimulus news outweighed worries over South
	Korea reporting the first variant of coronavirus linked to the
	rapid rise in infections in Britain in three people. There were
	808 new COVID-19 cases for Sunday.             
	    ** "Samsung shares soared a day before the ex-dividend date
	on massive buying by retail investors," said Na Jeong-hwan, an
	analyst at DS Investment & Securities, adding that the discovery
	of the new coronavirus variant at home might weigh on markets.
	    ** Chip giant Samsung Electronics             jumped as much
	as 2.96% on continued dividend hopes.             
	    ** Peer SK Hynix             was up 0.9%. Other market 
	heavyweights Hyundai Motor             and Celltrion            
	rose 1.1% and 1.4%, respectively.
	    ** Foreigners were net sellers of 126.6 billion won ($115.16
	million) worth of shares on the main board.
	    ** The won was quoted at 1,099.5 per dollar on the onshore
	settlement platform           , 0.32% higher than its previous
	close at 1,103.0.
	    ** In offshore trading, the won        was quoted at
	1,099.3, while in non-deliverable forward trading its one-month
	contract               was quoted at 1,097.0.
	    ** In money and debt markets, March futures on three-year
	treasury bonds         fell 0.02 points to 111.51.
	    ** The most liquid 3-year Korean treasury bond yield rose by
	0.7 basis point to 0.957%.
	($1 = 1,099.3000 won)
	 (Reporting by Joori Roh; Editing by Subhranshu Sahu)


READ  Top analysts are betting on stocks like Apple and Disney for long-term gains - CNBC


Please enter your comment!
Please enter your name here