South Korean shares set for best week since 2008 on AI rally

South Korean shares were poised for their biggest weekly jump in more than 17 years, though the benchmark index cut some gains on Friday after a strong rally earlier in the week on artificial intelligence optimism.

The benchmark KOSPI was down 65.76 points, or 0.88 percent, at 7,424.29 as of 0129 GMT, after falling more than 2 percent earlier in the session.

The fall came after the index topped 7,000 for the first time earlier this week and notched a record close on Thursday near 7,500.

The KOSPI has risen 12.5 percent so far this week. It is set to extend its gaining streak to a fifth consecutive week and post the biggest weekly gain since October 2008.

South Korea posted a record current account surplus in March on a boom in chip exports, data showed.

"The market is taking a breather on profit-taking pressure after the Philadelphia Semiconductor Index fell 2.7 percent overnight," said Han Ji-young, an analyst at Kiwoom Securities.

Among index heavyweights, chipmaker Samsung Electronics fell 2.03 percent and peer SK Hynix lost 0.42 percent, after both hit record highs on Thursday. Battery maker LG Energy Solution slid 1.14 percent.

Hyundai Motor and sister automaker Kia Corp were up 7.52 percent and 2.92 percent, respectively. Steelmaker POSCO Holdings shed 2.62 percent, while drugmaker Samsung BioLogics was flat.

Of the total 897 traded issues, 263 shares advanced, while 603 declined.

Foreigners were net sellers of shares worth 2.7 trillion won (US$1.84 billion).

The won was quoted at 1,465.3 per dollar on the onshore settlement platform, 0.63 percent lower than its previous close at 1,456.0.

The most-liquid three-year Korean treasury bond yield rose by 2.3 basis points to 3.563 percent, while the benchmark 10-year yield fell by 0.5 basis point to 3.900 percent.

 

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓