Seoul: Stocks mark first weekly fall in a month

[SEOUL] South Korean shares rebounded a bit from a three-week low on Friday but marked their first weekly fall in a month amid lingering concerns of faster US monetary tightening and Ukraine crisis risks.

The benchmark Kospi closed 4.53 points higher or 0.17 per cent to 2,700.39 after two consecutive sessions of losses.

For the week, the index fell 1.43 per cent after three weekly gains.

Among the heavyweights, technology giant Samsung Electronics fell 0.29 per cent and peer SK Hynix lost 1.32 per cent, while battery maker LG Energy Solution gained 0.69 per cent.

The stock market is shifting focus onto first quarter earnings results but economic slowdown worries and monetary policy uncertainties still remain, said Lee Kyoung-min, an analyst at Daishin Securities.

Amid expectations the Federal Reserve would undertake bigger interest rate hikes, Chicago Fed President Charles Evans and Atlanta Fed President Raphael Bostic on Thursday provided a somewhat dovish counterpoint.

Foreigners were net sellers of US$365.92 million worth of shares on the main board, extending the selloffs to a third straight session. REUTERS