Seoul: Stocks edge up ahead of Fed chief's speech

[SEOUL] South Korean shares closed slightly higher on Friday as investors refrained from making big bets ahead of the US Federal Reserve's Jackson Hole symposium later in the day.

The Kospi ended up 5.37 points, or 0.17 per cent, at 3,133.90, rebounding from a 0.58 per cent decline on Thursday. The index gained 2.40 per cent on a weekly basis, its best since early February.

Among heavyweights, chip giants Samsung Electronics and SK Hynix fell 0.40 per cent and 0.48 per cent, respectively, while internet giant Naver dipped 0.83 per cent.

But the number of advancing shares was 586 among the total traded issues of 921, offsetting losses among heavyweights.

Fed Chairman Jerome Powell is set to speak at 1400 GMT in the Kansas City Fed's central banking conference, which has been often used by Fed policymakers in the past to provide guidance on their future policy.

South Korean shares snapped a three-session rally on Thursday, after the Bank of Korea raised its policy rate from a record low, becoming the first major Asian central bank to shift away from pandemic-era monetary settings.

Foreigners were net sellers of US$317.37 million worth of shares on the main board on Friday.

REUTERS