Seoul: Stocks post 1% weekly gain

[SEOUL] South Korean shares rose on Friday, logging their biggest weekly jump in three, led by tech heavyweights, as upbeat data from the United States supported recovery momentum.

The Kospi ended up 23.22 points, or 0.73 per cent, at 3,188.73, rebounding from a 0.1 per cent decline on Thursday.

For the week, the index rose 1.02 per cent, marking its biggest gain in three weeks.

Better than expected US jobless claims data whetted investors' risk appetite, while first-quarter growth remaining unchanged from earlier estimate of 6.4 per cent, underpinned hopes that the economic recovery is gathering steam.

Auto shares towed Kospi, with Hyundai Motor and its unit Kia Corp surging 5.22 per cent and 4.83 per cent, respectively. The sub-index for transportation equipment also jumped 3.74 per cent.

Foreigners were net buyers of US$125.62 million worth of shares on the main board.

South Korea's May exports are expected to have risen at their quickest pace in over three decades, a Reuters poll showed, thanks to strong global demand for the nation's major products - semiconductors, cars and petroleum products.

REUTERS