SEOUL: Seoul shares are likely to notch an eighth session of gains on Friday, after US stocks rallied overnight as improved labour market and retail sales data added to optimism.
US private-sector employers added 157,000 jobs last month, more than double what was expected, while top US retailers reported better-than-expected June sales.
"Foreign investors are likely to continue their net-buying today as economic jitters have eased. The strong stock market trend, which has lasted since late June, is likely to continue," said Lee Sang-jae, an analyst at Hyundai Securities.
Eyes are on whether SK Telecom, South Korea's top mobile operator, will join bidding for an estimated $2.4 billion stake in chip giant Hynix Semiconductor , with Friday the deadline for preliminary bids. The move could also impact shares of holding company SK Holdings.
Korea Economic Daily quoted an SK Telecom executive as saying that the operator planned to submit a letter of intent for Hynix to seek a new growth engine as its mainstay telecom business had reached its limit.
SK Group previously told the stock exchange it was undecided on the bid.
The Korea Composite Stock Price Index (KOSPI) ended up 0.43 percent at 2,180.59 points on Thursday.
Copyright Reuters, 2011
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