Seoul: Stocks log third weekly decline on inflation risks

[SEOUL] South Korean shares logged a third weekly decline on Friday, even as Wall Street continued to rally, as growing inflationary risks and hiccups in global supply chain dented risk appetite.

The benchmark Kospi closed down 13.95 points or 0.47 per cent at 2,969.27 as of 0632 GMT.

Among the heavyweights, technology giant Samsung Electronics fell 0.57 per cent and peer SK Hynix rose 0.94 per cent while shares of LG Chem fell 0.51 per cent and Naver dipped 0.24 per cent.

There is no strong momentum and logistical issues surrounding manufacture sector is hurting investor sentiment, said Park Kwang-nam, an analyst at Mirae Asset Digital Research.

Foreigners were net buyers of 41.5 billion won (S$47.3 million) worth of shares on the main board.

The Kospi has risen 3.33 per cent so far this year but lost 4.7 per cent in the previous 30 trading sessions.

The trading volume during the session in the Kospi index was 675.89 million shares. Of the total traded issues of 928, the number of advancing shares was 269.

REUTERS