Seoul: Stocks end at record high, post sixth straight weekly gain

[SEOUL] South Korean shares closed at a record high on Friday and posted a sixth straight weekly gain, as they tracked Wall Street's gains on upbeat jobs data and US infrastructure deal.

The won strengthened and the benchmark bond yield rose.

The Kospi closed up 16.74 points or 0.51 per cent at 3,302.84, extending gains to a fourth straight session.

The Nasdaq and the S&P 500 indices closed at record highs on Thursday, after US President Joe Biden embraced a bipartisan Senate infrastructure deal that is expected to extend the recovery in the world's largest economy.

For the week, it gained 1.07 per cent, the sharpest in three weeks and following a 0.57 per cent gain a week earlier.

Among heavyweights, technology giant Samsung Electronics and SK Hynix rose 0.19 per cent and 1.98 per cent, respectively, while battery maker LG Chem added 0.84 per cent.

Foreigners were net buyers of 245.7 billion won (S$292.2 million) worth of shares on the main board.

The won ended at 1,127.7 per dollar on the onshore settlement platform, 0.64 per cent higher than its previous close at 1,134.9.

It rose 0.41 per cent for the week, rebounding from a 1.90 per cent decline in the previous week.

In offshore trading, the won was quoted at 1,127.8 per dollar, up 0.3 per cent from the previous day, while in non-deliverable forward trading, its one-month contract was quoted at 1,127.8.

In money and debt markets, September futures on three-year treasury bonds fell 0.16 point to 109.98.

The most liquid three-year Korean treasury bond yield rose by 4.4 basis points to 1.428 per cent, while the benchmark 10-year yield rose by 4.9 basis points to 2.106 per cent.

REUTERS