South Korean shares set for best week in over 17 years on US-Iran ceasefire optimism
- The benchmark KOSPI was up 118.34 points, or 2.05%, at 5,896.35
SEOUL: Round-up of South Korean financial markets:
South Korean shares climbed 2% on Friday and were set for their biggest weekly jump in more than 17 years, as renewed optimism over Middle East peace lifted investor sentiment.
The benchmark KOSPI was up 118.34 points, or 2.05%, at 5,896.35, as of 0117 GMT.
The index has climbed 9.7% so far this week, after two consecutive weekly losses.
The benchmark will record its biggest weekly jump since October 2008, if the current momentum holds.
The US State Department will host a meeting next week to discuss ongoing ceasefire negotiations between Israel and Lebanon, a State Department official said late on Thursday.
South Korea’s central bank kept its policy interest rate steady on Friday, maintaining a cautious stance as the conflict in Iran threatens to heat up inflation and weigh on growth in an economy heavily dependent on Middle Eastern energy.
Among index heavyweights, chipmaker Samsung Electronics rose 2.57%, while peer SK Hynix gained 3.81%.
Battery maker LG Energy Solution slid 0.95%.
Shares of Hyundai Motor and sister automaker Kia Corp were up 0.51% and 0.13%, respectively.
Steelmaker POSCO Holdings shed 0.14%, while drugmaker Samsung BioLogics rose 0.32%.
Of the total 912 traded issues, 692 shares advanced, while 179 declined.
Foreigners were net buyers of shares worth 167.4 billion won ($113.25 million).
The won was quoted at 1,478.9 per dollar on the onshore settlement platform, 0.28% lower than its previous close at 1,474.7.
In money and debt markets, June futures on three-year treasury bonds gained 0.06 point to 104.44.
The most liquid three-year Korean treasury bond yield fell 2.5 basis points to 3.316%, while the benchmark 10-year yield fell by 0.6 basis points to 3.654%. ‑Reuters
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