Updated February 23rd, 2024 at 12:26 IST

South Korean stocks head for fifth weekly gain amid global rally

The benchmark KOSPI index rose by 0.37%, closing at 2,674.04 by 03:32 GMT, marking a weekly gain of 1.03%.

Reported by: Business Desk
South Korea flag | Image:Pixabay
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South Korean Stocks: South Korean stocks continued their upward trajectory on Friday, poised for a fifth consecutive weekly gain amidst a global market rally. 

The surge, witnessed from the United States (US) to Japan, propelled stocks to record highs throughout the week. 

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The benchmark KOSPI index rose by 0.37 per cent, closing at 2,674.04 by 03:32 GMT, marking a weekly gain of 1.03 per cent.

Leading the gains were heavyweight stocks such as Samsung Electronics and SK Hynix, with the latter surging by 3.71 per cent. 

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However, LG Energy Solution faced a slight decline of 0.73 per cent. Meanwhile, Hyundai Motor remained steady, while Kia Corp experienced a modest loss of 0.67 per cent. 

Tech giants Naver and Kakao saw declines of 0.74 per cent and 1.21 per cent, respectively.

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Foreign investors displayed confidence in South Korean equities, with net purchases amounting to 79.8 billion won on the main board on Friday.

On the currency front, the won weakened marginally, with the onshore rate quoted at 1,330.3 per dollar, down 0.12 per cent from the previous close. 

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Offshore trading saw similar trends, with the won quoted at 1,330.1 per dollar, marking a 0.2 per cent decrease.

This rally in South Korean markets mirrors Japan's recent surge to record highs, prompting Seoul to consider measures aimed at enhancing the value of its companies and narrowing the "Korea discount" on stock prices.

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Year-to-date, the KOSPI has risen by 0.71 per cent and has shown a 4.0 per cent increase over the past 30 trading sessions. 

However, the won has depreciated by 3.2 per cent against the dollar since the beginning of the year.

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In the money and debt markets, March futures on three-year treasury bonds experienced a marginal decline of 0.02 point, settling at 104.63.

(With Reuters Inputs)

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Published February 23rd, 2024 at 09:53 IST