Seoul: Stocks end lower on China worries

[SEOUL] South Korean shares ended lower on Friday, driven by strong foreign sell-off and losses in tech heavyweights, as downbeat China PMI and concerns about Beijing's clampdown on internet companies weighed on sentiment.

The Kospi closed down 26.21 points, or 0.83 per cent, at 3,147.86, extending losses to a fourth straight session.

It fell 1.20 per cent for the week, the sharpest in nine weeks, but gained 2.82 per cent on a monthly basis, extending gains to a sixth straight month.

Among heavyweights, chip giants Samsung Electronics and SK Hynix fell 0.24 per cent and 1.54 per cent, respectively, while battery maker LG Chem and internet giant Naver dropped 2.00 per cent and 1.91 per cent.

China's factory activity expanded at a slower-than-expected pace in April, as supply bottlenecks weighed on production and overseas demand softened.

Further denting the sentiment was China's financial regulator ordering 13 internet platforms, including heavyweight Tencent, to strengthen compliance as part of the country's ongoing antitrust clampdown on the sector.

Foreigners were net sellers of US$499.94 million worth of shares on the main board.

REUTERS