S.Korean shares at 7-mth closing high, gain for the week
SEOUL Oct 11 (Reuters) - South Korean shares ended at their highest closing level in seven months on Friday, buoyed by further foreign buying and hopes that squabbling U.S. politicians may be able to avert a potential debt default.
The Korea Composite Stock Price Index (KOSPI) rose 1.2 percent to 2,024.90 points, its highest close since Feb.28. KOSPI gained 1.4 percent for the week.
It slightly outperformed regional markets as the MSCI Asia Pacific index excluding Japan, which was up 1.2 percent this week.
Foreigners extended their buying streak to a 31st consecutive session by purchasing 163.1 billion won ($151.90 million) worth of local shares on Friday.
It brought their total purchases for the period to a net 11 trillion won, while institutions snapped a 21 consecutive session of selling by purchasing 131.9 billion won to underpin the main index.
Banks and securities advanced the most, with Woori Finance Holdings Co Ltd and Hyundai Securities Co Ltd rising 5.4 percent and 4 percent, respectively, to outperform sector peers and the broader market. ($1 = 1073.7500 Korean won) (Reporting by Jungmin Jang; Editing by Kim Coghill)
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