South Korean shares rise as chipmakers track US peers, set to end week lower

Business Recorder reported that South Korean equities advanced on Friday, driven by chipmakers that followed overnight gains in the United States, although the market remained on course for a weekly loss. The KOSPI was 46.26 points, or 0.68%, higher at 6,898.84 as of 0214 GMT, but it has slipped 1% so far this week.

Samsung Electronics climbed 3.14% and SK Hynix added 3.67%, leading the index higher, following a 0.5% gain in the Philadelphia Semiconductor Index on Thursday. Later in the day, Samsung Electronics' board will meet to weigh a fresh shareholder return package. Among other heavyweights, LG Energy Solution fell 3.91%, Hyundai Motor slipped 1.44%, Kia Corp eased 0.69%, POSCO Holdings dropped 4.51% and Samsung BioLogics lost 2.60%.

Market breadth was weak, with 791 of 903 traded issues declining and only 99 advancing. Overseas investors were net purchasers of equities totalling 296.6 billion won ($214.83 million). The finance minister pledged early assessments of risks across financial, currency, bond and housing markets, with timely responses to follow. Onshore, the currency traded at 1,382.7 per dollar against a previous close of 1,396.0, while the three-year yield climbed to 3.846%, up 2.4 basis points.