Seoul stocks regain 2,000 points

South Korea shares snapped a three-day losing streak on Friday and the benchmark index regained the psychologically important 2,000-point level as investors brushed off concerns about North Korea's rocket launch and weaker-than-expected Chinese growth figures.
The benchmark Korea Composite Stock Price Index (KOSPI) closed 1.1 percent higher at 2,008.91 points, but still posted a weekly loss of 1 percent. Before the market opened, North Korea launched a much hyped and internationally-criticised long-range rocket but it crashed into the sea a few minutes after takeoff. Markets also took in stride South Korea's central bank holding interest rates steady for a 10th consecutive month on Friday, which had been widely expected, after recent data relieved some concerns about both high inflation and slow economic growth.
Gains were pared slightly following data that showed weaker-than-expected first-quarter growth in China, but soon recovered in full as the figures were determined to be disappointing, but still relatively good. Other data on Thursday had shown much stronger-than-expected loan growth in March.
"China's growth figures may have come up slightly short of forecasts but are still in very good shape, coupled with a positive reading in OECD's leading indicators, they helped underpin growth-related shares," said Yoon So-jung, an analyst at Shinyoung Securities.
Recently underperforming cyclicals such as builders and shipyards led the broad rally in Seoul on Friday. Daewoo Shipbuilding & Marine Engineering soared 5.9 percent, while construction firm Samsung Engineering & Construction gained 5.5 percent. Among the most heavily-traded shares in the session, large-cap technology stock SK Hynix Semiconductor Inc snapped a four-day losing streak to jump 6.6 percent.
Turnover volume was heavier than the previous session, which saw the thinnest day of trading in nearly one month. Some 488.8 million shares exchanged hands in the main bourse on Friday.
The main index is up around 10 percent so far this year, roughly in line with the MSCI ex-Japan index, but like other global markets its rally has sputtered in recent weeks on renewed concerns about sluggish global growth and Europe's debt crisis. The KOSPI 200 index rose 1.1 percent on Friday, while the junior, tech-heavy KOSDAQ index rallied 2.8 percent.