Seoul: Stocks surge on trade optimism, growing rate cut bets
[SEOUL] South Korean shares jumped nearly 2 per cent on Friday as the United States and China looked set to restart their trade talks, while the Bank of Korea indicated that a rate cut was around the corner.
The Seoul stock market's main KOSPI closed up 34.38 points or 1.78 per cent at 1,967.79 points, after soaring as much as 1.96 per cent in early trade.
For the week, the benchmark index climbed 1 per cent, gaining for a second straight week, but is down 2.8 per cent on a monthly basis.
The KOSPI has fallen 3.59 per cent so far this year, and lost 6.7 per cent in the previous 30 trading sessions.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
South Korea readies new system to detect illegal short-selling
Asia: Markets mixed as global rally stalls, eyes on yen
Singapore shares retreat at Thursday’s open; STI down 1.1%
Stocks to watch: Keppel, FCT, Suntec Reit, OUE Reit, Clint, Digital Core Reit, OKP, Cordlife
Europe: Stoxx 600 falls on banks drag; tech contains losses on ASMI boost
US: Stocks end flat ahead of key inflation data