Seoul: Stocks end six-day losing streak

[SEOUL] South Korean shares had their best session in more than 11 years on Friday, boosted by massive stimulus measures across the world to cushion the economic hit from the coronavirus pandemic.

The benchmark KOSPI surged 108.51 points, or 7.44 per cent, to 1,566.15, ending a six-day losing streak and posting its one-day percentage gain since December 8, 2008.

Still, the KOSPI lost 11.59 per cent this week, following a 13.17 per cent plunge in the previous week, on worries about the coronavirus' impact on the global economy. It has tumbled a total of 34.6 per cent in the previous 30 trading sessions.

Trading of equities in the benchmark index was halted for five minutes on Friday, after KOSPI 200 futures jumped more than 5 per cent, the Korea Exchange said.

Foreign investors were net sellers of US$343.05 million worth of shares on the main board.

REUTERS