South Korean shares rise as chipmakers track US peers, set to end week lower

South Korean shares climbed on Friday as chipmakers followed overnight gains in US counterparts, though the week was poised to conclude lower. The KOSPI benchmark index gained 46.26 points, or 0.68%, to 6,898.84 as of 0214 GMT. This week, the index has slipped 1%. Tech giant Samsung Electronics experienced a 3.14% rise, while fellow chipmaker SK Hynix surged 3.67%, propelling the benchmark upward after the Philadelphia Semiconductor Index edged 0.5% higher on Thursday.

Samsung Electronics intends to convene a board meeting later in the day to deliberate on a fresh shareholder return plan. South Korean Finance Minister pledged authorities would proactively evaluate risk factors across financial, foreign exchange, bond, and housing markets and respond in a timely manner. The country's deputy chief at the Bank of Korea suggested monetary policy decisions would be made judiciously and adaptively, considering various policy factors including the potential fallout from interest rate hikes.

Other notable movers included battery maker LG Energy Solution, down 3.91%, and car manufacturers Hyundai Motor and Kia Corp, which fell 1.44% and 0.69%, respectively. Steel producer POSCO Holdings shed 4.51%, while pharmaceutical company Samsung BioLogics slipped 2.60%. Of the 903 traded stocks, only 99 shares rose, while 791 declined.

Foreign investors netted a gain of 296.6 billion won ($214.83 million). The South Korean won strengthened to 1,382.7 per dollar on the onshore settlement platform, an increase of 0.96% from its previous close of 1,396.0. In money and debt markets, September futures on three-year treasury bonds fell 0.06 point to 103.16. The yield on the most actively traded three-year treasury bond rose 2.4 basis points to 3.846%, while the benchmark 10-year yield climbed 3.2 basis points to 4.366%.