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Seoul: Shares up, Samsung SDS jumps more than 8%; won lower
[SEOUL] South Korean shares reversed early losses to close higher on Friday, led by a surge in Samsung SDS, the fifth-largest listing on the main bourse by market capitalization.
Samsung SDS, listed in November as part of a wider succession process by Samsung Group to transfer control from ailing Chairman Lee Kun-hee to his heirs, rose 8.4 per cent with investors betting on the restructuring plan.
The Korea Composite Stock Price Index (KOSPI) gained 0.57 per cent to close at 1,926.44 points.
The South Korean won fell with investors curbing bullish bets on the currency over concerns of market intervention by financial authorities, with the yen creeping back towards a seven-year low.
The won was quoted at 1,103.5 to the dollar at the conclusion of onshore trade, compared to 1,099.3 seen at the end of Tuesday's session.
The South Korean financial markets were closed on Wednesday and Thursday for the holidays.