Seoul shares closed higher on Friday, as bargain hunters chased battered technology shares such as LG Electronics and SK Telecom, betting the market will regain its footing after logging its first weekly drop in three weeks. The Korea Composite Stock Price Index (KOSPI) ended up 0.71 percent at 2,145.20 points, reversing a 0.3 percent drop at the open.
The index finished the week 1.6 percent lower, snapping a three-week winning streak, pressured by high inflation data from China, disappointing US jobs data and persistent eurozone debt issues. That led foreign investors to turn net sellers since Tuesday. They sold a net 137 billion won ($129.4 million) worth of shares on Friday. Shares of home appliance and handset maker LG Electronics Inc gained 2.6 percent and SK Telecom, which hit 8-year lows earlier this week, rose 2.5 percent.
Steelmaker POSCO and KB Financial Group were among the few losers in the blue chip index. POSCO fell 0.4 percent. KOSPI 200 September futures ended up 1.60 points at 280.50 and the KOSPI 200 spot index added 1.56 points to 279.59. The junior Kosdaq market finished up 1.98 percent at 507.00.
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