South Korean stocks closed higher on Friday, with the Korea Composite Stock Price Index rising by 0.23% to 2,501.53 points, its second consecutive day of gains. The country’s currency also rose slightly against the US dollar. The gains came despite concerns over recessionary conditions, as chipmakers including Samsung Electronics and SK hynix saw gains, offsetting losses among LG Energy Solution and LG Chem, which declined on profit-taking. Internet giant Naver jumped 2.18% to 192,300 won, while Kakao spiked 4.12% to 58,100 won. Foreigners and retailers bought a net 137.43 billion won and 297.81 billion won worth of shares, respectively, offsetting selling by institutions that amounted to a net 355.86 billion won. The US economy grew by 1.1% in the first quarter, far below analysts’ expectations of 2%, according to US government data.
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