* KOSPI trades firm, up 0.10 pct
* Falls in shipbuilders, energy issues pressure market
* Samsung Elec-Mech up on rosy earnings outlook
(Updates to mid-morning)
By Jungyoun Park
SEOUL, July 2 (Reuters) - Seoul shares traded firm on
Thursday, helped by positive manufacturing data from both the
United States and China, but investor caution ahead of the
corporate earnings season and losses by shipbuilders and energy
issues weighed on the idnex.
The Korea Composite Stock Price Index (KOSPI) was up
0.10 percent at 1,413.10 points as of 0131 GMT.
"Manufacturing data from the United States and other major
economies came out quite solid, but investors remain cautious
ahead of U.S. jobs data and corporate earnings," said Yoo
Soo-min, a market analyst at Hyundai Securities.
"Markets will likely move within a boxed range around the
1,400-point level for some time. But foreign buying in programme
accounts and spot markets are helping markets," Yoo added.
Crude refiners including SK Energy (096770.KS) declined after
falls in U.S. crude CLc1, which pushed shares in South Korea's
top crude refiner down 2.21 percent. GS Holdings (078930.KS), the
holding company of GS Caltex, South Korea's No.2 crude refiner,
slipped 0.17 percent.
Losses in shipbuilders following their latest gains also
pressured markets, as Hyundai Heavy Industries (009540.KS), the
world's No.1 shipbuilder, fell 1.78 percent, and STX Offshore &
Shipbuilding (067250.KS) lost 2.16 percent.
But Samsung Elec-Mech (009150.KS) rallied in Thursday morning
trade amid growing earnings hopes and a positive brokerage note.
"Positive earnings momentum in the second quarter will likely
continue into the second half ... earnings from its core
businesses are set to outstrip the consensus forecast," Mirae
Asset Securities said in a report dated July 1.
Mirae Asset Securities lifted its target price on the maker
of closed-circuit televisions (CCTV) and aircraft engines to
74,000 won from 65,000 won.
Samsung Elec-Mech rose 2.77 percent to 63,000 won.
Shares in memory chipmakers including Samsung Electronics
(005930.KS) and Hynix Semiconductor (000660.KS) advanced, lifted
by gains in the U.S. semiconductor index .SOXX, which climbed
1.47 percent.
The world's No.1 memory chipmaker was up 0.17 percent and
Hynix, the world's No.2, was up 1.45 percent.
(Editing by )
