Seoul shares pause from week's rebound, but shipbuilders surge

Thu Apr 25, 2013 10:44pm EDT

Related Topics

* Samsung Electronics down despite Q1 profit

* Shipbuilders outperform on Samsung Heavy

* STX Offshore jumps after creditor rescue

By Somang Yang

SEOUL, April 26 (Reuters) - South Korean shares edged slightly lower on Friday as the index took a breather from the week's relief-rally after the country's top exporters posted better-than-expected results.

The Korea Composite Stock Price Index (KOSPI) was 0.2 percent down at 1,946.57 points by 0226 GMT, having gained more than 2 percent for the week.

"The market is pausing to take stock of the rapid rebound," said Bae Sung-young, an analyst at Hyundai Securities.

"Today wraps up the earnings season and the flagship firms have done okay, so there's little possibility that the index will dip back near the 1,900-mark again."

Heavyweight Samsung Electronics dipped 0.8 percent lower despite posting a sixth quarter of profit growth, weighing on the index.

"Samsung already issued a profit guidance a few weeks ago, so today's results are not moving the share price," said Park Jung-sup at Daishin Securities.

Shipbuilders rallied 2.5 percent after Samsung Heavy Industries said its operating profit rose 34 percent in the Jan-March period compared with the same period last year. Samsung Heavy was up 3.9 percent.

Among daily movers, STX Offshore & Shipbuilding shot up 6 percent after its main creditor Korea Development Bank (KDB) said it would inject 600 billion won ($539.46 million) into the cash-strapped firm.

Overall, 411 shares advanced while 352 declined.

The KOSPI 200 benchmark of core stocks was down 0.4 percent, while the junior KOSDAQ edged 0.7 percent higher.

($1 = 1112.2250 Korean won) (Editing by Jacqueline Wong)

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