Seoul: Stocks snap three-day losses on tech rebound, Biden-Xi call
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[SEOUL] South Korean shares ended higher on Friday as tech heavyweights rebounded and news of a call between the leaders of the world's two biggest economies offered some relief to investors.
The Kospi closed up 11.06 points, or 0.36 per cent, at 3,125.76, snapping a three-day losing streak. The index, however, slid 2.35 per cent on a weekly basis, reversing two straight weeks of gains.
Among the heavyweights, chipmaker SK Hynix rose 1.94 per cent, while web portal operator Naver and mobile messenger app operator Kakao jumped 2.76 per cent and 1.17 per cent, respectively.
US President Joe Biden and Chinese leader Xi Jinping spoke for 90 minutes in their first talks in seven months on Thursday, discussing the need to avoid letting competition between the world's two largest economies veer into conflict.
Foreigners were net sellers of US$445.14 million worth of shares on the main board.
REUTERS
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