Seoul: Shares snap 4-day losing streak, won falls
[SEOUL] South Korean shares snapped a four-day losing streak on Friday, boosted by hopes that lower interest rates would prop up business, while the won gave up earlier gains and fell against the dollar.
The Korea Composite Stock Price Index (KOSPI) closed up 0.8 per cent at 1,985.79 points.
On a weekly basis, however, the KOSPI broke a seven-week rally, falling nearly 1.4 per cent.
The Bank of Korea surprised markets but cutting interest rates on Thursday to spur the sluggish economy.
The won edged down to end onshore trade at 1,128.5 to the dollar from the previous session's close of 1,126.4 as local importers weighed on the currency.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Europe: Shares ease after Federal Reserve decision, mixed earnings
US: Tech shares lead stocks higher
NYSE-parent ICE’s revenue misses as muted IPO markets offset record energy trading
Japan’s Sumitomo Corp net profit down 32% on Madagascar one-off loss
Hong Kong regulator brings insider trading charges against Segantii and its founder
Asia markets mixed after Fed leaves rates unchanged; STI rises 0.1%