Seoul: Stocks end higher, mark worst week in 4 on Ukraine crisis

[SEOUL] South Korean shares closed 1 per cent higher on Friday (Feb 25), bouncing back from a 1-month low hit in the previous session, although the benchmark index marked its worst week in 4 on Russia-Ukraine jitters. The won and the benchmark bond yield rose.

The Kospi closed up 27.96 points, or 1.06 per cent, at 2,676.76, after declining 2.6 per cent to the lowest level since Jan 28 on Thursday.

The index declined 2.47 per cent on a weekly basis, extending its losing streak to a third week. It has lost 10.1 per cent so far this year.

Among heavyweights, chip giants Samsung Electronics and SK Hynix rose 0.56 per cent and 0.41 per cent respectively, while platform company Naver added 3.97 per cent.

Ukrainian forces battled Russian invaders on 3 sides on Thursday after Moscow unleashed the biggest attack on a European state since World War II, prompting tens of thousands of people to flee their homes.

US President Joe Biden hit back at Russia with a wave of new sanctions that impede Russia's ability to do business in major currencies along with sanctions against banks and state-owned enterprises.

Meanwhile, a Reuters poll showed South Korea's exports likely increased for a 16th month in February, though the Russian invasion may further disrupt the global supply chain and add more cost pressures. Full month data is due on Tuesday.

Foreigners were net sellers of 122 billion won (S$137.3 million) worth of shares on the main board.

The won ended at 1,201.6 per dollar on the onshore settlement platform, 0.07 per cent higher. For the week, the currency weakened 0.47 per cent.

In offshore trading, the won was quoted at 1,200.8, while in non-deliverable forward trading, its 1-month contract was quoted at 1,202.3.

In money and debt markets, March futures on 3-year treasury bonds fell 0.1 point to 107.97.

The benchmark 10-year yield rose by 6.1 basis points to 2.683 per cent. REUTERS