Seoul: Stocks end week slightly higher before three-day holiday

[SEOUL] South Korean shares ended higher on Friday as upbeat US retail sales data boosted sentiment, though investors refrained from placing big bets ahead of the country's three-day holiday.

The Kospi closed up 10.42 points, or 0.33 per cent, at 3,140.51, after logging a 0.74 per cent decline in the previous session.

It gained 0.47 per cent on a weekly basis, following a 2.35 per cent fall clocked in the previous week.

Chip giants Samsung Electronics and SK Hynix led gains on the benchmark, adding 1.45 per cent and 2.88 per cent, respectively, while web portal operator Naver inched up 0.25 per cent.

Meanwhile, shares in Hyundai Heavy Industries leapt 85 per cent from their initial public offering price in Friday's trading debut.

Foreigners were net buyers of US$38.94 million worth of shares on the main board.

US retail sales unexpectedly increased in August, which could temper expectations for a sharp slowdown in economic growth in the third quarter.

South Korea's financial markets will be closed from Monday to Wednesday due to the Korean thanksgiving Chuseok holiday.

REUTERS