Seoul shares rose on Friday, wrapping up the last full trading week of the year on a high note despite market shock following the news of North Korean Kim Jong-il's death on Monday, encouraged by US data that signalled economic recovery. "US data provided the market with a lot of momentum, especially from foreign investors who led purchases in both spots and futures. Volume was heavier on programme trading as investors perceived spots to be more undervalued," said Choi Chang-ho, a market analyst at Shinhan Investment.
The Korea Composite Stock Price Index rose 1.07 percent to close at 1,867.22 points. The KOSPI 200 index closed up 1.17 percent and the junior KOSDAQ index ended 0.16 percent higher. The main index posted a weekly gain of 1.5 percent, bouncing back in force after tumbling as much as 4.87 percent on Monday when Kim Jong-il's death was announced.
Daewoo Shipbuilding & Marine Engineering rose 2.99 percent and Hyundai Heavy Industries was up 2.23 percent. Hynix Semiconductor Inc gained 2.6 percent after Choi Tae-Won, CEO of controlling stake owner SK Group visited a Hynix plant on Friday and promised to pursue a growth-oriented strategy and bolster R&D capabilities, raising expectations of fresh capital injections. Foreign investors snapped up a net 191.9 billion won ($166.0 million) worth of shares, while institutional investors bought 94.6 billion won.
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