Seoul: Stocks, won recoup losses, shrug off North's latest missile launch

[SEOUL] South Korean shares rebounded to more than five-week highs on Friday and the won also recouped early losses as investors largely shrugged off North Korea's latest missile launch.

North Korea fired a missile that flew over Japan's northern Hokkaido and landed far out in the Pacific Ocean, triggering a brief knee-jerk pullback in global markets. But another launch had been widely expected.

The Korea Composite Stock Price Index (Kospi) ended up 0.4 per cent at 2,386.07 points, its highest close since Aug 8.

The index rose 1.8 per cent for the week, its biggest weekly gain since late May.

The won was quoted at 1,131.7 to the US dollar at the conclusion of onshore trade, up 0.1 per cent from Thursday's close of 1,132.6.

The currency lost 0.4 per cent on a weekly basis.

Offshore investors unloaded a net 92.8 billion won (S$110.62 million) worth of Kospi shares for the day.

REUTERS