Seoul: South Korean stocks closed up for a fourth consecutive day Friday, while traders stayed cautious ahead of key U.S. employment data due later in the day. The local currency rose against the greenback. The benchmark Korea Composite Stock Price Index (KOSPI) inched up 4.29 points, or 0.13 percent, to close at 3,205.12.
According to Yonhap News Agency, trade volume was moderate at 302.4 million shares worth 9.3 trillion won (US$6.7 billion). Winners outnumbered losers 449 to 403. Institutional investors were net buyers, purchasing 132.6 billion won. Foreigners offloaded a net 156.5 billion won, and retail investors sold a net 56 billion won.
The KOSPI opened higher following advances on Wall Street, as tepid private-sector hirings in the United States boosted hopes for a September rate cut by the Federal Reserve. Investors are also paying attention to the August U.S. job report set for release tonight, Lee Kyoung-min, an analyst from Daishin Securities, said. "Any figure that suggests a further freezing of the labor market could raise concerns of a U.S. recession," Lee added.