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Seoul: Stocks edge up as investors await US stimulus, jobs data

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South Korean shares on Friday tracked global equities higher, as investors awaited the next US fiscal aid package to bolster the economy and also hoped for positive non-farm payroll data.

[SEOUL] South Korean shares on Friday tracked global equities higher, as investors awaited the next US fiscal aid package to bolster the economy and also hoped for positive non-farm payroll data.

The Korean won and the benchmark bond yield weakened. By 0217 GMT, the benchmark Kospi rose 3.43 points or 0.2 per cent to 2,346.04.

Democratic leaders in the US Congress and top aides to President Donald Trump failed to make substantial progress on Thursday on a new coronavirus aid bill during a contentious meeting that broke up with no clear path to a deal.

But both sides expressed a willingness to continue negotiations.

Investors are also looking forward to the US jobs data due later in the day, with analysts forecasting a rise of 1.58 million new jobs last month and a decline in the unemployment rate to 10.5 per cent.

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Shares of Korean Air Lines Co surged as much as 16 per cent to a two-month high of 20,950 won after the company reported better-than-expected quarterly numbers.

Foreigners were net sellers of 72 billion won (S$83.1 million) worth of shares on the mainboard.

The won was quoted at 1,185.6 per US dollar on the onshore settlement platform, 0.2 per cent lower than its previous close at 1,183.5.

In offshore trading, the won was quoted at 1,186.7 per US dollar, down 0.3 per cent from the previous session, while in non-deliverable forward trading its one-month contract was quoted at 1,186.5.

The trading volume during the session in the Kospi index was 439.1 million shares. Of the total traded issues of 902, the number of advancing shares was 340. In money and debt markets, September futures on three-year treasury bonds was unchanged at 112.27.

The most liquid three-year Korean treasury bond yield fell by 0.1 basis points to 0.807 per cent, while the benchmark 10-year yield dipped by 0.3 basis points to 1.303 per cent. 

REUTERS

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