South Korean shares fell on Friday, dragged down by heavyweight chipmakers, but were still set for their second weekly gain.

The benchmark KOSPI was down 11.56 points, or 0.44%, at 2,642.50 as of 0123 GMT, extending losses for a second straight session.

The KOSPI has risen 2% this week, after rising 2.7% in the previous week.

South Korean officials have requested an exemption from U.S. President Donald Trump's reciprocal, steel and aluminium tariff plans during their visit this week to Washington.

The Bank of Korea will likely cut its key interest rate by 25 basis points on Tuesday, after a surprise rate hold last month, according to a Reuters poll.

South Korea's government will prepare this month new measures to manage household debt.

Chipmaker Samsung Electronics fell 2.05% and peer SK Hynix lost 2.83%, ahead of U.S. chipmaker Nvidia's earnings release next week.

Among other index heavyweights, automakers, e-commerce firms and steel producers rose, but biopharmaceutical manufacturers fell.

Of the total 939 traded issues, 496 shares advanced, while 364 declined. Foreigners were net sellers of shares worth 279.3 billion won (USD 194.67 million).

The won was quoted at 1,435.0 per dollar on the onshore settlement platform, 0.07% higher than its previous close at 1,436.0.

In money and debt markets, March futures on three-year treasury bonds fell 0.01 point to 106.62. The most liquid three-year Korean treasury bond yield rose by 0.7 basis points to 2.634%, while the benchmark 10-year yield rose by 1.0 bps to 2.881%.