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Market Update: South Korean Shares Lift In Early Deals
The KOSPI added 10.46 points or 0.33% to 3175.97 in early Friday trade, snapping 2 sessions of slight declines and lifting 0.61% week to date as sentiment was boosted from overnight Wall Street gains stemming from strong US economic data and upcoming federal spending plans. Local 10-year bond yields were at 2.121% while US rates were at 1.615%. On the coronavirus front, the KDCA reported 587 more COVID-19 cases as sporadic cluster infections traced to entertainment facilities still hampered the virus fight, sparking concerns over yet another uptick in additional cases. Earlier in the week, the BoK left its base rate unchanged at a record low of 0.5% during its May 2021 meeting, revising higher its economic outlook to 4% this year, the steepest pace of expansion since 2010. In local data, the Business Survey Index on business conditions in the manufacturing sector stood at 96 in April, unchanged from the previous months 10-year high. [/s2If]
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