Seoul: Shares edge up on recovery, stimulus hopes

[SEOUL] South Korean shares rose for the fifth straight session on Thursday on hopes of a global economic recovery and further stimulus, but gains were capped by escalating Sino-US tensions.

The Seoul stock market's benchmark Kospi closed up 4.18 points, or 0.19 per cent, at 2,151.18.

The index trimmed earlier gains following a fall in Chinese equities as Sino-US tensions rose, said Seo Sang-young, an analyst at Kiwoom Securities.

US President Donald Trump's administration on Wednesday barred Chinese passenger carriers from flying to the United States starting on June 16.

South Korea's current account swung to a big deficit in April from a surplus in March on a combination of annual dividend payments by local companies and a sharp fall in exports, central bank data showed.

Foreigners were net buyers of US$37.74 million worth of shares on the main board.

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REUTERS