South Korean stocks closed higher today on growing expectations for large-scale stimulus measures in major economies, Yonhap reported. The Korean won rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) gained 17.43 points, or 0.80 percent, to close at 2,201.19. Trading volume was moderate at about 561 million shares worth some 10.1 trillion won (US$8.4 billion), with gainers outnumbering losers 483 to 362. The stock index advanced on hopes for stimulus efforts in Europe and the United States, analysts said. The U.S. Senate is likely to roll out a virus relief package worth some US$1 trillion next week, to support the economic recovery from the new coronavirus outbreak. The European Central Bank announced that it would keep its mega-scale emergency monetary stimulus unchanged. The rising COVID-19 infections at home, on the other hand, pose risks to such optimism over additional economy-boosting measures in major economies, analysts said. In Seoul, most large caps finished higher. Market bellwether Samsung Electronics added 1.12 percent to 54,400 won, with No. 2 chipmaker SK hynix edging up 0.24 percent to 82,900 won. Leading pharmaceutical firm Samsung Biologics rose 1.5 percent to 743,000 won, and Celltrion jumped 4.13 percent to 328,000 won. Top automaker Hyundai Motor spiked 6.82 percent to 117,500 won, with its smaller affiliate Kia Motors jumping 4.25 percent to 36,800 won. Internet giant Naver rose 1.1 percent to 276,000 won, and its rival Kakao advanced 0.93 percent to 325,000 won. The local currency closed at 1,205.1 won per dollar, up 0.5 won from the previous session's close. Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys lost 1.7 basis points to 0.812 percent, and the return on the benchmark five-year government bond dipped 3.2 basis points to 1.080 percent.
