Seoul: Stocks close at record high on vaccine hopes, Biden transition

[SEOUL] South Korean shares ended at a record high on Tuesday, with Samsung Electronics leading gains, as Covid-19 vaccine developments and US President-elect Joe Biden receiving formal approval for his White House transition boosted sentiment.

The Kospi closed up 15.17 points, or 0.58per cent at 2,617.76, extending its rally for a fourth day. It jumped as much as 1 per cent to an all-time high earlier in the session.

Chip giant Samsung Electronics gained for the third straight session, after surging as much as 2.96 per cent to a record high in early trading, a day after data showed a surge in South Korea's chip exports.

Foreigners were net buyers for a 14th straight session, the longest buying spree since August 2016. They have bought a total net 7.09 trillion won (S$8.5 billion) worth of shares over the past 14 sessions.

AstraZeneca on Monday said its Covid-19 vaccine, cheaper to make, easier to distribute and faster to scale-up than its rivals, could be as much as 90 per cent effective.

US President Donald Trump on Monday allowed officials to proceed with a transition to Mr Biden, giving his Democratic rival access to briefings and funding even as he vowed to persist with efforts to fight the election results.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

REUTERS