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The Kospi rises 0.85% due to expectations about new stimuli in the US

Seoul, Apr 1 (EFE) .- The main index of the Seoul Stock Exchange, the Kospi, rose 0.85% this Thursday and reached its best level in two months, given the good expectations of investors about new stimuli to boost the US economy.

The Kospi advanced 25.98 points, reaching 3,087.40 units, in a session in which 13.8 trillion won (10,400 million euros / 12,210 million dollars) were moved.

The Kosdaq technology stock index added 1.01% or 9.61 points to 965.78 integers.

The South Korean stock market opened higher after the good reception of US President Joe Biden’s announcement of a multi-million dollar infrastructure project proposal to boost the global recovery and that would benefit local exporters.

The proposal helped improve investor confidence in Seoul, who launched into the purchase of securities linked to the semiconductor sector and the largest companies in the market.

Shares of the technology Samsung Electronics, the company with the highest capitalization of the Kospi, appreciated 1.84%, and those of the second largest chip maker, SK hynix, 6.04%.

South Korea’s largest auto company, Hyundai Motor, was up 0.46% and the top internet provider, Naver, 0.4%.

The chemical firm LG Chem advanced 1.74%, while the pharmaceutical Samsung Biologics fell 0.13%.

Shares in refinery SK Innovation soared 10.27% today after the company won a preliminary ruling in a patent lawsuit against LG Energy Solution in the United States.

The local currency, the won, lost 0.1 units against the US dollar, which was trading at 1,131.90 won at the close of the session.

(c) EFE Agency

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