South Korea: Stocks pick up ahead of US-China trade deal

[SEOUL] South Korean shares ended up on Friday as investors welcomed a key Chinese official's planned visit to Washington to sign the Sino-US trade deal, amid easing geopolitical risks from the Middle East.

The Seoul stock market's main KOSPI rose 19.94 points, or 0.91 per cent, to 2,206.39. On a weekly basis, the index added 1.4 per cent, recouping losses during the previous week.

China's Vice Premier Liu He, head of the country's negotiation team in Sino-U.S. trade talks, will sign a "Phase 1" deal in Washington next week, the commerce ministry said on Thursday.

Lie He's visit means the deal is almost signed, and the uncertainties from the Middle East receded, said Kim Dae-jun, an analyst at Korea Investment & Securities. Battery makers led gains of the wider markets, he added.

South Korean battery makers rallied after the government said it would increase the supply of new energy vehicles, pushing Samsung SDI and LG Chem up 7.1 per cent and 6 per cent, respectively.

The KOSPI has risen 0.40 per cent so far this year, and gained 3.0 per cent in the previous 30 trading sessions.

The benchmark index trading volume during the session was 582.56 million shares and 569 shares advanced, from the total traded issues of 907.

REUTERS