Seoul: Shares rise in longest 2020 rally on recovery hopes, post third weekly gain

[SEOUL] South Korean shares rose for the sixth straight session on Friday, ending more than 1 per cent higher in their longest winning streak this year so far on signs of global economic recovery from the coronavirus crisis and stimulus support.

The Seoul stock market's benchmark Kospi closed up 30.69 points, or 1.43 per cent, at 2,181.87, its highest since Feb 21, recovering nearly 50 per cent from the year's lows.

For the week, the Kospi gained 7.50 per cent, marking its third straight weekly gain and the sharpest in eight weeks.

The European Central Bank's stimulus package, yuan's gain and a rise in oil prices helped boost risk appetite, said Lee Won, an analyst at Bookook Securities.

Foreigners were net sellers of US$60.51 million worth of shares on the main board.

REUTERS