South Korean shares rise on chip gains, set for weekly fall

Business Recorder reported that South Korean shares edged higher on Friday, with heavyweight chipmakers providing most of the support. Even so, the benchmark KOSPI was on course for a third consecutive weekly decline after dropping 2.1% so far this week. At 0152 GMT the index stood at 6,635.26, up 55.78 points or 0.85%.

Samsung Electronics rose 1.20% and SK Hynix added 1.94%, both following the previous session's advances in American chip stocks. Lower down the list, LG Energy Solution, Hyundai Motor, Kia, POSCO Holdings and Samsung BioLogics all retreated. Breadth was positive, with 450 of the 903 traded issues advancing and 399 falling.

Foreign investors were net buyers worth 204.6 billion won, or $150.72 million. On the onshore platform, the won stood at 1,359.3 per dollar against a prior close of 1,356.2, while the three-year yield edged up to 3.892% and the 10-year slipped to 4.356%. US equities climbed on Thursday after Fed Governor Christopher Waller signalled he could back keeping rates unchanged if inflation pressures ease. Kiwoom Securities analyst Han Ji-young said the key question is whether the recent jump in bond yields stays contained.