Seoul: Stocks log biggest weekly drop in nearly 3 months

[SEOUL] South Korean shares rose on Friday, but logged the biggest weekly drop in almost three months, as investors began shrugging off inflation worries.

The benchmark Kospi rose 31.21 points, or 1.00 per cent, to 3,153.32. For the week, the index declined 1.37 per cent, the biggest weekly loss since February-end.

Volatility from higher-than-expected US inflation figures seems to be easing, and investors are focusing on the April minutes from Federal Open Market Committee meetings, said Lee Kyoung-min, an analyst at Daishin Securities.

Worries arose from the annual US consumer prices which unexpectedly rose the most in over a decade, prompting markets to wager on earlier policy tightening and sending stock markets tumbling.

Foreigners were net sellers of 419.3 billion won (S$495.7 million) worth of shares on the main board.

The Kospi has risen 9.74 per cent so far this year, and gained 2.0 per cent in the previous 30 trading sessions.

The trading volume during the session in the Kospi index was 822.50 million shares. Of the total 907 issues traded, 504 advanced.

REUTERS