Seoul stocks ease slightly, Samsung up ahead of earnings guidance

Sun Apr 6, 2014 11:47pm EDT

* Seoul stocks down but losses capped by foreign buying

* Samsung earnings guidance due on Tuesday

* Won almost flat after hitting 3-mth high

By Jungmin Jang

SEOUL, April 7 (Reuters) - Seoul stocks edged down by midday on Monday, tracking sharp declines on Wall Street, but losses were limited as foreigners extended their net-buying streak ahead of Tuesday's earnings guide by Samsung Electronics.

The Korea Composite Stock Price Index (KOSPI) was down 0.2 percent at 1,983.53 points at 0330 GMT, with declines capped by foreign net purchases amounting to 37 billion won ($35.12 million).

"There was some profit-taking selling amid caution after the declines in the U.S. stock markets, and foreign buying fell short of reversing the market's overall course," said Lim Dong-rak, analyst at Hanyang Securities.

Samsung Electronics, the world's biggest smartphone maker, is due to release its first-quarter earnings guidance early on Tuesday. Its shares were up 0.5 percent at 1,387,000 won at 0330 GMT.

Profit-taking on high-flying momentum stocks had hit the Nasdaq hard on Friday and dragged the Dow and S&P off historic highs. The Nasdaq shed 2.6 percent in its biggest daily loss since February, while the Dow fell 0.96 percent.

Meanwhile, the South Korean won stood almost flat after having edged up to hit a three-month high against the dollar. It was quoted at 1,052.9 per dollar at 0330 GMT versus Friday's local close of 1,053.5.

0330 GMT Prev close Dollar/won 1,052.9 1,053.5 Yen/won 10.1907/956 10.1999 *KTB futures 105.72 105.67 KOSPI 1,983.53 1,988.09 * Front-month futures on three-year treasury bonds ($1 = 1,053.5000 Korean Won) (Editing by Choonsik Yoo and Jacqueline Wong)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.