Seoul: Stocks post biggest weekly gain in 6
[SEOUL] South Korean shares closed at a 2-week high on Friday (Mar 18), posting their biggest weekly rise in 6, as markets tracked overnight gains on Wall Street, while investors continued to assess the Russia-Ukraine situation and impact of the Federal Reserve's tightening cycle.
The Korean won strengthened, while the benchmark bond yield rose.
The benchmark Kospi closed up 12.51 points, or 0.46 per cent, at 2,707.02, the highest since Mar 4. It rose 1.72 per cent on a weekly basis, the sharpest since the first week of February and recovering from a 1.92 per cent fall in the previous week.
Among heavyweights, technology giant Samsung Electronics fell 0.7 per cent, battery maker LG Chem rose 3.94 per cent and Naver was flat.
Russian troops appeared to stall in their advance on Ukrainian cities as talks continued between Moscow and Kyiv, although progress on Thursday was elusive.
Meanwhile, US President Joe Biden will hold a call later on Friday with Chinese leader Xi Jinping, as Washington warned China was considering military support for Russia's invasion of Ukraine.
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Foreigners were net sellers of 101.8 billion won (S$113.7 million) worth of shares on the main board.
The won ended at 1,207.6 per dollar on the onshore settlement platform, 0.55 per cent higher than its previous close.
The currency gained 2.02 per cent for the week, posting the biggest jump since mid-September 2020.
In offshore trading, the won was quoted at 1,210, while in non-deliverable forward trading its 1-month contract was quoted at 1,210.8.
In money and debt markets, June futures on 3-year treasury bonds fell 0.06 point to 107.55.
The benchmark 10-year yield rose by 3.3 basis points to 2.737 per cent. REUTERS
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