Seoul: Stocks post best week in six buoyed by chip giants

[SEOUL] South Korean shares on Friday posted their sharpest weekly gain in six, driven by chip shares, on optimism over the earnings season and as movements in US bond yields and dollar stabilised.

The Kospi ended 26.42 points, or 0.88 per cent, higher at 3,015.06, extending gains to a third consecutive session.

That tracked Wall Street overnight after data showed a fall in new claims for unemployment benefits, lower-than-expected factory gate price inflation and forecast-beating results for the four largest US consumer banks.

The benchmark index gained 1.99 per cent for the week, the first weekly gain in four and marking the fastest pace since early September.

Leading the benchmark gains were chip giants, with Samsung Electronics and SK Hynix rising 1.01per cent - 4.90 per cent, respectively, following an upbeat quarterly earnings result from a Taiwan chipmaker TSMC.

Foreigners were net buyers of US$72.77 million worth of shares on the main board.

Meanwhile, the country said on Friday it would lift stringent anti-coronavirus curbs on social gatherings next week, as the country prepares to switch to a 'living with Covid-19' strategy amid rising vaccination levels.

REUTERS