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2021-12-10 17:08
04:38 AM EST, 12/09/2021 (MT Newswires) -- South Korean stocks rose on Thursday as investor worries around the new COVID-19 variant omicron eased. Stocks traded higher in the morning on gains in stocks of technology, automobiles, and chemical firms. In addition, optimism increased after data showed that a booster shot of the Pfizer-BioNTech COVID-19 vaccine offered protection against the new variant.
The Kospi rose 27.77 points, or 0.9%, to close at 3,029.57. The Kosdaq increased 16.83 points, or 1.7%, to close at 1,022.87.
According to Reuters, data from a laboratory test indicated that the three-shot course of the COVID-19 vaccine by BioNTech and Pfizer neutralized the Omicron variant. The two firms also said that they could offer an upgraded vaccine in March 2022.
The markets witnessed broad gains, with market-moving stocks such as Samsung Electronics (KRX:005930), SK Hynix (KRX:000660) added 1% and 3%, while shares of Naver (KRX:035420) and Kakao (KRX:035720) gained 1% each.
Shares of Posco International (KRX:047050) rose nearly 1% after the trading company said it had established a holding company called AGPA in Singapore and was making progress on transferring 85% of the stake it owned in Indonesia-based palm plantation.
The stake transfer is expected to be completed by end-2021 after which Posco International has plans to seek new investments and business expansion from 2022. Posco International aims to acquire new palm plantations and boost its investment in refining palm oil and biofuel sectors with the help of AGPA.