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Seoul: Stocks continue 6-day rally on BOJ and Fed, won edges down
[SEOUL] South Korean shares extended their rally early on Friday, as decisions from major central bank meetings were seen benefitting market liquidity.
The Korea Composite Stock Price Index (Kospi) was up 0.1 per cent at 2,052.03 points as of 0204 GMT. It was set to mark a sixth straight gaining session.
"The thing is that the investors will start to hold back their positions as time goes on since the Federal Reserve left room for a December rate hike, which is why Kospi trading will be boxed in during October," said Kang Hyun Gie, a stock analyst at Dongbu Securities.
Offshore investors were set to snap their five-day buying streak, and sold a net 9.4 billion Korean won (S$11.53 million) worth of Kospi shares near mid-session.
Shares of Hanjin Shipping rose more than 5 per cent as its lead creditor bank Korea Development Bank decided to offer a 50 billion won credit line to help unload stranded cargo.
Carmaker Hyundai Motor Co rose 2.5 per cent.
Advancers outnumbered decliners 434 to 350.
The South Korean won was quoted at 1,105.8 against the US dollar, down 0.2 per cent compared to Thursday's close of 1,103.3.
Both the stocks and won were poised to mark gains for the week.
December futures on three-year treasury bonds were steady at 110.82.