Seoul: Shares end higher on hopes of easing in US-China tensions

[SEOUL] South Korean shares closed higher on Friday as a phone call between top trade representatives of the United States and China calmed investors nerves worried about simmering tensions, while continued optimism over re-opening of economies aided sentiment.

The KOSPI ended 17.21 points, or 0.89 per cent, higher at 1,945.82. For the week, the KOSPI lost 0.09 per cent.

Stocks rose on hopes that US-China tensions would ease, Samsung Securities' analyst Seo Jung-hun said, adding that hopes around re-opening of economies continued to boost sentiment.

Top US and Chinese trade representatives discussed their Phase 1 trade deal on Friday, with China saying they agreed to improve the atmosphere for its implementation and the United States saying both sides expected obligations to be met.

Japan said the state of emergency could be lifted in those areas which see no new cases on a daily basis, while South Korea which reported 12 new cases on Friday earlier this week relaxed its social distancing rules.

Foreigners were net buyers of US$35.91 million worth of shares on the main board.

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The KOSPI has fallen 11.46 per cent so far this year, but gained 23.1 per cent in the previous 30 trading sessions.

The trading volume was 775.19 million shares. Of the total traded issues of 897, the number of advancing shares was 588.

REUTERS