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Seoul: Shares rise, post best week in nearly 3 years; won up 1%

Seoul shares reversed early losses to close at a three-week high on Thursday as recently undervalued shares extended gains, while foreigners continuously offloaded local stocks.

[SEOUL] Seoul shares rose again, producing their best week in nearly three years, after global stock market rallies boosted sentiment.

The Korea Composite Stock Price Index (KOSPI), rising for a fourth straight day, ended up 1.6 per cent to 1,937.67 points.

The index not only snapped a five-week losing streak but had its biggest weekly gain - 3.3 per cent - since mid-September 2012.

Meanwhile, foreigners extended their main board selling spree to a 17th consecutive session, the longest since May, 2012. Offshore investors sold a modest 47.4 billion won (S$56.65 million) worth of KOSPI shares on Friday, preliminary data showed.

The won closed local trade up 1 per cent to 1,173.6. It was up 1.8 per cent this week, marking the biggest weekly percentage gain since December 2011.