Seoul: Stocks log first weekly loss in five

[SEOUL] South Korean shares rose on Friday on retail buying, but logged the first weekly loss in five as investors considered spikes in domestic coronavirus cases and capital tax increases in the United States.

The benchmark Kospi rose 8.58 points, or 0.27 per cent, to 3,186.10 as of 06:32 GMT. For the week, the index lost 0.39 per cent.

The tax hike issue in the US had an impact but was short-lived as there are many hurdles ahead until the proposal can be implemented, said Seo Sang-young, an analyst at Mirae Asset Securities.

Thursday's 797 new infections reported by the Korea Disease Control and Prevention Agency were the highest since Jan 7, when the third wave began to abate after the daily figure topped 1,200 in late December.

Among the heavyweights, technology giant Samsung Electronics rose 0.49 per cent and peer SK Hynix fell 0.38 per cent, while LG Chem rose 0.34 per cent and Naver fell 0.66 per cent.

Foreigners were net sellers of 26.4 billion won (S$31.3 million) worth of shares on the main board.

The Kospi has risen 10.88 per cent so far this year, and gained 5.4 per cent in the previous 30 trading sessions.

REUTERS