* Trading choppy ahead of Q3 results, euro zone meeting
* Shipbuilders fall on weak global outlook
* KOGAS shares edge up on Iraq pipeline contract
SEOUL, Oct 8 Seoul shares fell slightly on
Monday morning as investors braced for a slowing world economy
and kept a wary eye on the upcoming earnings season.
The Korea Composite Stock Price Index (KOSPI) ticked
0.69 percent lower at 1,981.40 points by 0252 GMT, in line with
other Asian markets. The MSCI index of Asia-Pacific shares
excluding Japan was down 0.73 percent.
"The downward revision of Q3 results for several companies
and the ongoing question of a Spanish bailout continues to weigh
on the KOSPI, despite encouraging U.S. job figures," said Eom
Tae-woong, an analyst at Bookook Securities.
Despite a better-than-expected U.S. jobs report, Wall Street
stocks closed lower on concerns about the earnings season, which
kicks off on Tuesday. S&P 500 futures traded in Asia were
down a touch on Monday.
Euro zone finance ministers will be formerly launching the
region's 500-billion-euro bailout fund on Monday to bolster
defences against the sovereign debt crisis now threatening
Meanwhile, the World Bank cut its economic forecast for East
Asia, in part due to the slowdown in China.
Shipbuilders were down across the board, with Hyundai Heavy
Industries trading 3.2 percent lower, and Samsung
Heavy Industries down 2.5 percent.
"Shipbuilding is an industry that is particularly sensitive
to bad macroeconomic news, and what you see in their stock price
is a reflection of the bad economic data," said Lee Jae-won, an
analyst at Tongyang Securities.
Shares in the state-run utility Korea Gas Corporation
(KOGAS) were up 3.3 percent following its winning
bid to construct a $127 million pipeline in Iraq.
Retail investors purchased a net 150 billion Korean won
($134.97 million) worth of KOSPI shares near the mid-session,
offsetting selling by local institutions and foreigners.
Declining shares outnumbered winners 512 to 287.
The KOSPI 200 benchmark of core stocks was down 0.8
percent, while the junior KOSDAQ edged 0.4 percent
($1 = 1111.3500 Korean won)
(Reporting By Somang Yang and Seongwon Chang; Editing by