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South Korean shares rose for five straight sessions Thursday as Samsung Electronics announced a plan to buy back shares worth 2.2 trillion won (about 2 billion U.S. dollars) in the previous day.
The benchmark Korea Composite Stock Price Index (KOSPI) edged up 1.25 points, or 0.06 percent, to 1,982.09 at the close. Trading volume stood at 278.4 million shares worth 5.18 trillion won (4.72 billion U.S. dollars).
Samsung Electronics, which has the largest market capitalization on the main bourse, jumped 5.3 percent to close at 1,264,00 won as it unveiled a plan to buy back shares on Wednesday after the market close to boost the share price. It was the first time in seven years that the market bellwether buys back stocks.
Samsung Group shares gained ground. Cheil Industries rose 0.8 percent, and Samsung C&T increased 3.2 percent. Top life insurer Samsung Life Insurance gained 1.2 percent.
Samsung Group, South Korea's largest conglomerate, said Wednesday that it will sell four defense and chemical affiliates to Hanwha Group, a South Korean conglomerate that has been doing defense business for more than six decades, for 1.9 trillion won.
Expectations remained for an expanded asset-buying program in Europe after European Central Bank President Mario Draghi hinted at the expansion last week. The U.S. recovery was expected to be bolstered during the year-end shopping season, which turned balance sheets of American companies into the black after discount sales of inventories.
Foreigners turned into net sellers for the first time in seven sessions, and retail investors sold stocks worth 12.4 billion won. Institutional investors alone bought stocks worth 27.9 billion won.
Large-cap shares ended mixed. Top automaker Hyundai Motor gained 3.4 percent, and its affiliate Kia Motors rose 0.7 percent. The state-run power supplier Korea Electric Power Corp. climbed 0. 6 percent, but memory chip giant SK Hynix declined 1.5 percent. The biggest steelmaker POSCO retreated 2.3 percent, and Naver, the owner of most-used search engine, slid 1.1 percent.
The South Korean currency finished at 1,098.4 won against the greenback, up 8.1 won from Wednesday's close.
Bond prices ended lower. Yields on the liquid three-year treasury notes added 1.6 basis points to 2.114, and the return on the benchmark 10-year government bonds gained 1.5 basis points to 2.649 percent.
