Seoul: Won, stocks end a positive week at multi-weeks' highs
[SEOUL] The South Korean won ended at its highest in nearly three months and stocks at a five-week peak on Friday as data from the world's biggest economy and expectations on Bank of England's easing in August boosted risk appetites.
The won was quoted at 1,133.9 to the US dollar at the conclusion of onshore trade, its strongest since April 21. It was up 0.3 per cent compared to Thursday's close of 1,137.4.
For the week, the currency rose 2.5 per cent.
The Korea Composite Stock Price Index (Kospi) ended the day up 0.4 per cent at 2,017.26 points, its highest close since June 10.
Shares gained 2.8 per cent for the week.
Offshore investors have been net buyers of Kospi shares for seven straight sessions. On Friday, net purchases were 486.3 billion won (S$576.9 million).
Tech giant Samsung Electronics Co Ltd rose 1.2 per cent after saying it is in talks to acquire a stake in Chinese automaker BYD to boost its chip business for electric cars.
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
Wall Street bonus rules return to regulatory agenda in third try
US: Nasdaq, S&P tumble as Netflix, chip stocks drag
Europe: L’Oreal gains cap third week of declines
China to facilitate Hong Kong IPOs and expand Stock Connect
Global equity funds see surge in outflows as rate cut hopes fade
Israel hits back, markets react; STI down 0.4%