Seoul: Stocks log first weekly gain in three on recovery hopes

[SEOUL] South Korean shares rose on Friday to post their first weekly gain in three as positive US jobs data led to expectations that rebounding economies will spur a boom in global demand.

The benchmark Kospi closed 18.46 points, or 0.58 per cent, higher at 3,197.20. For the week, it gained 1.56 per cent.

Among the heavyweights, technology giant Samsung Electronics fell 0.49 per cent and peer SK Hynix rose 0.39 per cent, while LG Chem fell 2.03 per cent and Naver eased 0.14 per cent.

Stronger bets on growth stocks are leading the rally, as improving US economic data is boosting hopes for a faster global recovery, said Seo Jung-hun, an analyst at Samsung Securities.

Foreigners were net sellers of 194.1 billion won (S$230.5 million) worth of shares on the main board.

The Kospi has risen 11.27 per cent so far this year, and gained 6.1 per cent in the previous 30 trading sessions.

The trading volume during the session in the Kospi index was 971.58 million shares. Of the total traded issues of 906, the number of advancing shares was 636.

REUTERS