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Seoul: Stocks cap off 7th straight month of gains; won hits 11-week low
[SEOUL] South Korean shares joined a selloff in global equities, albeit the losses were modest for the local benchmark, which capped off a seventh straight month in the black thanks to a host of positive domestic and global catalysts.
The Korea Composite Stock Price Index (Kospi) closed down 0.2 per cent at 2,391.79 points.
The Kospi gained 0.6 per cent on a weekly basis and also ended the month up 1.9 per cent. It was the seventh straight month of gains for the index, the longest run in history.
Expectations of a strong earnings season for Korea Inc, an uptick in exports and a broadly strengthening global economy have underpinned the domestic equity market.
With major central banks taking a hawkish stance in recent days, Asian shares extended a selloff seen in European and US markets.
The South Korean won lost ground and ended at over an 11-week low on Friday as worries over fund outflows after Franklin Templeton trimmed the country's treasury bonds.
The won was quoted at 1,144.1 to the US dollar at the conclusion of onshore trade, the lowest closing level since April 11. It was down 0.3 per cent compared to Thursday's close of 1,141.1.
The yields of 10-year treasury bonds stood at 2.208 during the session, the highest since June 12.
The local currency lost 0.5 per cent, marking a fifth week of losses and declined 2.2 per cent on a monthly basis.