* Samsung Elec down 3 pct after power outage at LCD plant
* Hyundai Heavy falls after oil subsidiary drops IPO plan
* SK Hynix lower after Woori sells its $202 mln stake
By Joonhee Yu
SEOUL, June 15 Seoul shares fell on Friday,
underperforming Asian peers as the market nervously awaited a
key weekend election in Greece that could decide its future in
the euro zone. A 3 percent decline in index heavyweight Samsung
Electronics added to the pressure.
The Korea Composite Stock Price Index (KOSPI) was
down 0.76 percent at 1,857.35 points as of 0205 GMT, still
poised for fourth consecutive weekly gain if the share average
was to close at this level.
Samsung Electronics, which accounts for 17
percent of the KOSPI's total market capitalization, fell 3.1
percent after a 10 minute stoppage of its LCD production line
due to a power outage.
"Whenever a component as large as Samsung moves, the whole
index moves with it. But the broader market is still aimless as
investors are wary about Greece," said Han Bum-ho, an analyst at
Shinhan Investment & Securities.
Samsung, the world's largest producer of liquid crystal
displays, declined to reveal any damage estimates from the
The market is also poised for a correction after investors
bought shares in the cash market on Thursday after the expiry of
some options, Han added.
Hyundai Heavy Industries, the world's biggest
shipyard, shares fell 1.7 percent after refiner Hyundai Oilbank,
in which it holds a 91.1 percent controlling stake, said it was
dropping plans for a $2 billion initial public offering due to
unfavorable financial market conditions.
SK Hynix fell 2 percent after the IFR reported
that Woori Bank was selling a 1.4 percent stake in the world's
second-largest memory chipmaker for $202 million.
The KOSPI 200 index of core stocks was down 0.88
percent, weighed down by the losses in key blue-chips to outpace
declines seen in the broader market,
The junior, small-cap heavy KOSDAQ edged 0.25
While investors stood pat and are awaiting the results of
the Greek election which could result in the country's
disorderly exit from the euro zone, the market derived some
comfort from plans of co-ordinated action by major central banks
to stabilise the markets in such a scenario, ahead of a summit
of G20 leaders next week.
(Reporting by Joonhee Yu)