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Seoul: Shares end week higher as recovery hopes offset ongoing pandemic worries

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South Korean shares on Friday ended the week higher as investors looked ahead to an economic recovery despite ongoing concerns of a second pandemic wave and tensions with North Korea. The Korean won weakened, while the benchmark bond yield rose.

[SEOUL] South Korean shares on Friday ended the week higher as investors looked ahead to an economic recovery despite ongoing concerns of a second pandemic wave and tensions with North Korea. The Korean won weakened, while the benchmark bond yield rose.

The Seoul stock market's main Kospi closed up 7.84 points or 0.37 per cent at 2,141.32. For the week, the index gained 0.42 per cent.

Cyclical stocks in the late session reversed their earlier losses on hopes that economic indicators will further improve in the next week, said Seo Sang-young, an analyst at Kiwoom Securities.

Stocks in early session lost as much as 1.2 per cent on worries about a rise of coronavirus infections in Beijing and the United States.

South Korean President Moon Jae-in on Friday accepted the resignation of the minister responsible for relations with North Korea, as tensions with Pyongyang rise over the activities of defectors in the South and stalled diplomacy.

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Foreigners were net buyers of 55.3 billion won (S$63.5 million) worth of shares on the main board.

The won closed trading 0.13 per cent lower at 1,209.6 per dollar on the onshore settlement platform.

In offshore trading, the won was quoted up 0.4 per cent at 1,208.1 per dollar, while in non-deliverable forward trading its one-month contract was quoted at 1,208.1.

In money and debt markets, September futures on three-year treasury bonds fell 0.06 point to 111.96.

The most liquid 3-year Korean treasury bond yield rose by 0.1 basis point to 0.843 per cent, while the benchmark 10-year yield rose by 0.8 basis point to 1.378 per cent.

REUTERS

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