Seoul: Stocks log fourth weekly decline on inflation risks

[SEOUL] South Korean shares rose on Friday helped by gains in Chinese stocks, but logged a fourth weekly decline as growing inflationary risks and hiccups in global supply chain dented risk appetite.

The benchmark Kospi rose 43.88 points, or 1.50 per cent, to 2,968.80 as of 0630 GMT. For the week, the index declined 0.016 per cent

Among the heavyweights, technology giant Samsung Electronics rose 1.00 per cent and peer SK Hynix fell 0.93 per cent, while LG Chem rose 2.25 per cent and Naver rose 0.49 per cent.

This week sentiment remained weak, but China's Evergrande group avoiding default again helped in stabilising market sentiment, said Huh Jae-hwan, an analyst at Eugene Investment & Securities.

Foreigners were net buyers of 430.1 billion won (S$493.6 million) worth of shares on the main board.

The Kospi has risen 3.32 per cent so far this year, but lost 5.6 per cent in the previous 30 trading sessions.

The trading volume during the session in the Kospi index was 655.17 million shares. Of the total traded issues of 928, the number of advancing shares was 765.

REUTERS