Seoul: Shares post fourth weekly gain as IT, chipmaker stocks shine

SOUTH Korean shares rose on Friday (Nov 18) and posted a fourth weekly gain, led by IT stocks and chipmakers, as a stronger won attracted more foreign buying all through the week. The Korean won weakened, while the benchmark bond yield fell.

The benchmark Kospi rose 1.58 points or 0.06 per cent to 2,444.48 as of 6.30 am GMT at close. For the week, the index posted 5.7 per cent of gain, its sharpest weekly gain since early January.

Among heavyweights, technology giant Samsung Electronics rose 0.65 per cent and peer SK Hynix gained 0.8 per cent, while battery maker LG Energy Solution advanced 0.17 per cent.

North Korea’s firing of missiles had limited impact on the market today, and hawkish comments from the Fed’s James Bullard also didn’t dent the market sentiment as such policy stance was widely expected, said Park Gwang-nam, an analyst at Mirae Asset Securities.

North Korea fired a suspected intercontinental ballistic missile on Friday that Japanese officials said had sufficient range to reach the mainland of the US and that landed just 200 kilometres off Japan.

The trading volume during the session in the Kospi index was 579.34 million shares. Of the total traded issues of 931, the number of advancing shares was 316.

Foreigners were net buyers of shares worth 199.9 billion won (S$205.1 million) on the main board.

The won was quoted at 1,340.3 per dollar on the onshore settlement platform, 0.09 per cent lower than its previous close at 1,339.1.

The won has lost 11.3 per cent against the dollar so far this year.

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The most liquid three-year Korean treasury bond yield rose by 0.7 basis point to 3.806 per cent, while the benchmark 10-year yield fell by 4.3 basis points to 3.811 per cent. REUTERS