SEOUL: South Korean shares closed at their higher in nearly a week on Thursday, as worries about the Omicron COVID-19 variant eased and investors adopted a more optimistic stance about the global economic outlook. Both the Korean won and the benchmark bond yield rose.
The benchmark KOSPI ended up 13.69 points, or 0.46%, at 2,998.17, extending gains to a third session.
Chip heavyweights Samsung Electronics and SK Hynix rose for a third straight day on optimistic sector-wide outlook, leading the benchmark's gains.
A South African study suggested that those infected with Omicron were much less likely to end up in hospital than those with the Delta, while research by London's Imperial College also pointed to similar results.
Separately, the United States authorised Pfizer Inc's antiviral COVID-19 pill, the first oral and at-home treatment as well as a new tool against the fast-spreading Omicron variant.
Also boosting risk sentiment, US consumer confidence improved further in December and the White House said it was resuming talks on a massive social spending and climate change bill.
On the main KOSPI board, foreigners purchased net 224.4 billion won ($188.95 million) worth of shares.
Meanwhile, South Korea decided to release 3.17 million barrels of oil reserves throughout January to March 2022 in a globally coordinated effort to stabilise prices and stimulate economic recovery.
The won ended at 1,187.9 per dollar on the onshore settlement platform, 0.35% higher than its previous close.
In offshore trading, the won was quoted at 1,187.6, while in non-deliverable forward trading its one-month contract was quoted at 1,187.2.
In money and debt markets, March futures on three-year treasury bonds fell 0.18 point to 109.00.
The benchmark 10-year yield rose by 4.9 basis points to 2.197%.
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