Seoul: Shares post best weekly jump in five weeks on US stimulus

[SEOUL] South Korean shares ended higher on Friday, posting their biggest weekly jump in five weeks , as the passage of a US$1.9 trillion US stimulus Bill, and easing concerns about inflation and rising bond yields lifted global risk appetite.

The benchmark KospI closed up 40.69 points, or 1.35 per cent, at 3,054.39, after gaining 1.88 per cent on Thursday. It posted a 0.93 per cent weekly gain, its biggest rise in five weeks.

Mr Biden signed the American Rescue Plan, one of the largest stimulus in American history, ahead of a televised address in which he pledged aggressive action to speed vaccinations and move the country closer to normality by July 4.

The European Central Bank said on Thursday it would accelerate money-printing to keep a lid on euro zone borrowing costs, prompting a retreat in bond yields overnight.

Foreigners were net buyers of US$358.07 million worth of shares on the main board.

REUTERS