Seoul: Stocks post fourth weekly gain on recovery optimism

[SEOUL] South Korean shares bounced back from early falls on Friday to mark their fifth straight session of gains, as strong economic data from China and the United States cemented hopes for a swifter-than-expected recovery.

The Kospi closed up 4.29 points, or 0.13 per cent, at 3,198.62. For the week, it added 2.13 per cent, marking the fourth straight weekly gain.

China's economy grew at a record pace of 18.3 per cent year-on-year in the first quarter, official data showed, propelled by stronger demand at home and abroad and continued government support.

US retail sales rebounded 9.8 per cent in March, the largest increase since May 2020, in a gain that pushed the level of sales 17.1 per cent above its pre-pandemic level to a record high.

Among heavyweights, chip giant Samsung Electronics slid 0.24 per cent, while battery maker LG Chem and internet giant Naver added 0.67 per cent and 0.13 per cent, respectively.

Foreigners were net sellers of US$191.20 million worth of shares on the main board.

REUTERS