S.Korea stocks hit 6-week high as Omicron concerns wane

  • 12/8/2021
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Round-up of South Korean financial markets: ** South Korean shares jumped on Wednesday to a six-week high, tracking Wall Street"s overnight tech lead, as investors tempered fears about the impact of the Omicron variant despite a record jump in domestic coronavirus cases. ** The won strengthened, while the benchmark bond yield fell. ** By 0155 GMT, the benchmark KOSPI (.KS11) was up 31.74 points, or 1.06%, at 3,023.46, after having gained as much as 1.48% to the highest intraday level since Oct. 27. ** Chip giant Samsung Electronics (005930.KS) led benchmark gains with a 0.78% jump while battery maker LG Chem (051910.KS) and platform company Naver (035420.KS) added 4.64% and 1.28%, respectively. ** South Korean technology-related shares tracked a rally on Wall Street overnight after U.S. infectious disease official Anthony Fauci said the variant has a higher degree of transmissibility, but is seen less severe, according to preliminary evidence. read more ** Lifting market sentiment further was British drugmaker GSK"s (GSK.L) statement that its antibody-based COVID-19 therapy is effective against all mutations of the new Omicron variant. read more ** South Korea reported a record 7,175 new virus cases for Tuesday even after it reimposed limits on private gatherings, while there are 38 confirmed cases of the Omicron variant so far. read more ** On the main board, foreigners were net buyers of 122.5 billion won ($104.19 million) worth of shares. ** The won was quoted at 1,175.6 per dollar on the onshore settlement platform , 0.33% higher than its previous close. ** In offshore trading, the won was quoted at 1,175.9, while in non-deliverable forward trading its one-month contract was quoted at 1,176.1. ** In money and debt markets, December futures on three-year treasury bonds rose 0.12 point to 109.05. ** The benchmark 10-year yield fell by 4.5 basis points to 2.195%. ($1 = 1,175.7100 won)

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