Seoul: Shares snap 4-day losing streak, won falls

[SEOUL] South Korean shares snapped a four-day losing streak on Friday, boosted by hopes that lower interest rates would prop up business, while the won gave up earlier gains and fell against the dollar.

The Korea Composite Stock Price Index (KOSPI) closed up 0.8 per cent at 1,985.79 points.

On a weekly basis, however, the KOSPI broke a seven-week rally, falling nearly 1.4 per cent.

The Bank of Korea surprised markets but cutting interest rates on Thursday to spur the sluggish economy.

The won edged down to end onshore trade at 1,128.5 to the dollar from the previous session's close of 1,126.4 as local importers weighed on the currency.

REUTERS