Suhail - your question response depends on many factors. For instance, what do you mean by 'weightage'? Academic impact or industry impact? One could argue journal for first and conference for the second - especially if the conference is international, well attended, networked - and sponsored by professional organisations. In terms of academic impact, it also depends. Most would think that a journal publication would have a higher Impact Factor than a conference. That is not always the case. A very low-ranked journal is less likely to be cited, for instance, than a high-ranking, registered conference proceeding. In addition, high-ranking conferences are often linked to established journals and, sometimes, a whole/part edition of a journal may be devoted to conference presentations.
Both journal publication and conference publication have their advantages and disadvantages:
Journal publication is generally considered superior especially with a good impact factor. It is frequently peer-reviewed, carefully evaluated for errors and possibly rewritten a couple of times and useful feedback from reviewers, etc.
A conference paper presentation gives you a platform to interact with people of the same field and takes short time for feedback and possibly less feedback from reviewers, etc.
I think the weightage you mentioned corresponds how the work will reach the scientific society and how much it gets attracted. In comparision, the publication in journal will have higher weightage. From my opinion, I have noticed more journal papers than conference papers.
I think that a journal paper is weighting more than a conference paper. A conference paper is accepted for publication in a conference by a decision of some screening committee, and only the best conference paper get to be published in a journal. A journal paper is accepted for publication after being evaluated by expert reviewers, and the evaluation process is more strict than that of a conference.
From a scientific aspect journals usually have a higher "weigthage", but it also depend on the journal itself. Predatory journals doesn't count much usually.
It depends on the strength of indexing of journal vs conference you are targetting. There are high impact conferences which carry more worth than any high impact journal.