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Seoul: Stocks jump 1% on Wall Street gains

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South Korean stocks rose on Friday, tracking Wall Street overnight, but worries about a surge in coronavirus infections around the world capped further gains.

[SEOUL] South Korean stocks rose on Friday, tracking Wall Street overnight, but worries about a surge in coronavirus infections around the world capped further gains.

The benchmark Kospi closed 22.28 points higher, or 1.05 per cent, at 2,134.65. For the week, however, the index lost 0.31 per cent.

Wall Street's main indexes ended 1 per cent higher on Thursday after US banking regulators unveiled new rules that will make life easier for large banks with complex trading and investment portfolios.

The United States set a new record for a one-day increase in coronavirus cases on Thursday, leading Texas to temporarily halt the state's reopening.

"Kospi opened higher on improved sentiment following the strong US stock market, but it partially retreated after report of a daily record of US infections," said Kiwoom Securities' analyst Seo Sang-young.

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Foreigners were net buyers of 61.5 billion won (S$71.3 million) worth of shares on the mainboard.

The won was quoted at 1,200.6 per dollar on the onshore settlement platform, 0.34 per cent higher than its previous close at 1,204.7. It strengthened 0.75 per cent for the week.

In offshore trading, the won was quoted at 1,199.9 per dollar, up 0.2 per cent from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,199.9.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.38 per cent, while Japanese stocks rose 1.13 per cent.

In money and debt markets, September futures on three-year treasury bonds rose 0.01 point to 112.16, while the 3-month Certificate of Deposit rate was quoted at 0.79 per cent in late afternoon trade.

The most liquid 3-year Korean treasury bond yield fell by 0.6 basis point to 0.811 per cent in late afternoon trade, while the benchmark 10-year yield fell by 2.1 basis points to 1.324 per cent.

REUTERS

 

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