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Seoul: Stocks close at fresh record high on economic growth
[SEOUL] Seoul shares extended gains to close at a fresh record high on Friday as the market sentiment was boosted by strong economic growth at home and as Wall Street received a boost from strong US employment data.
The Korea Composite Stock Price Index (Kospi) gained 1.2 per cent to hit 2,371.72, its highest ever closing level.
The Kospi's gaining run began on April 11 and has added 11.7 per cent since, while advancing 17 per cent this year. High expectations for robust second-quarter earnings among local companies helped drive the index higher.
Since the index breached an all-time closing high on May 4, it has renewed the record eight times in less than a month.
For the week, the main bourse gained 0.7 per cent. It posted its seventh straight week of gains, the longest weekly run since early March of 2015.
The South Korean won was quoted at 1,121.8 to the US dollar at the conclusion of onshore trade, barely changed compared to Thursday's close of 1,122.0. REUTERS