Seoul: Stocks end at one-week high on chip rally

[SEOUL] South Korean shares ended at their highest level in a week on Friday, powered by a rally in chip heavyweights and Wall Street's strong overnight performance on positive US data and reduced fears about the Omicron variant.

The benchmark Kospi closed higher by 14.26 points, or 0.48 per cent, at 3,012.43, extending the rally to a fourth straight day.

The benchmark index, however, fell 0.18 per cent for the week, snapping a three-week winning streak.

Chip heavyweights gained for a fourth straight day, with Samsung Electronics jumping to the highest level in more than four months and SK Hynix touching a 6-1/2-month high, as hopes for a rosy sector-wide outlook continued.

The S&P 500 notched a record-high close on Thursday, with oil prices also rising, as strong US jobs data and consumer spending put the world's largest economy on track for a strong finish to 2021.

Further boosting sentiment, studies showed that Omicron carries a lower risk of hospitalisation, while Merck and Pfizer said their Covid-19 antiviral pills are effective against the variant.

Foreigners were net buyers of US$159.68 million worth of shares on the main board.

REUTERS