South Korean stocks rally despite Wall Street drop

South Korea's benchmark stock index rose sharply Friday, snapping its longest losing streak in more than five years despite another big decline on Wall Street.

The Korea Composite Stock Price Index jumped 55.04 points, or 5.8 percent, to close 1,003.73. The Kospi had finished lower for an eighth straight session Thursday, its longest string of declines since March 2003. Friday's gain came as most Asian markets rebounded from steep losses the day before despite the Dow Jones industrial average having shed 444.99 points, or 5.56 percent, to 7,552.29 Thursday in New York. Asian markets often take their cue from US stocks. (AP)