Seoul: Stocks fall on surging Covid-19 cases, weak US data

[SEOUL] South Korean shares ended lower on Friday, snapping a six-day winning streak, as worries over a surge in local coronavirus infections and downbeat US labour data dampened investor sentiment.

The benchmark Kospi closed down 11.38 points, or 0.36 per cent, at 3,131.88. However, it rose 0.61 per cent on a weekly basis, extending gains to a third straight week.

A US jobless claims report showed a second straight weekly increase on Thursday, conflicting with earlier payrolls and job vacancies data that had buoyed investor confidence of a quick economic rebound.

Further weighing on sentiment was South Korea's 671 new coronavirus cases, following 700 a day earlier in its highest daily tally since early January, as it fanned fears over a potential fourth wave of outbreaks.

Chip giants Samsung Electronics and SK Hynix fell 1.30 per cent and 2.78 per cent, respectively, while battery maker LG Chem rose 0.25 per cent.

The country's largest automaker Hyundai Motor dropped 1.30 per cent after the company said it will suspend production for two days starting on Monday at its Asan plant because of a chip shortage.

Foreigners were net sellers of US$289.62 million worth of shares on the main board, snapping the six straight sessions of buying spree.

REUTERS