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Seoul shares steady ahead of Hyundai Motor earnings
October 25, 2012 / 2:30 AM / 5 years ago

Seoul shares steady ahead of Hyundai Motor earnings

* Hyundai Motor shares down 1.8 percent

* SK Hynix extends gains on Wednesday’s Q3 results

SEOUL, Oct 25 (Reuters) - Seoul shares were flat on Thursday morning as investors await third-quarter results from automaker Hyundai Motor Co.

“Concerns about earnings are burdening the index, while securities and funds are supporting the index with bargain-buying,” said Park Ok-hee, an analyst a`t IBK Securities.

Local institutions such as insurers, securities firms and mutual funds were net buyers, although this was more than offset by selling by pension and local government funds.

The Korea Composite Stock Price Index (KOSPI) ticked 0.01 percent higher to 1,914.14 points as of 0215 GMT.

Shares in Hyundai Motor, which will release third quarter results in the late session, dropped 1.8 percent. Despite rising sales in the U.S. and Europe, it has had nearly $7 billion wiped off its market value recently as investors query the group’s go-slow on expanding capacity.

Shares in SK Hynix Inc were trading 2.9 percent higher, extending Wednesday’s gains after booking a smaller-than-expected quarterly operating loss.

Advancing shares prevailed, outnumbering decliners 386 to 376.

The KOSPI 200 benchmark of core stocks was flat, while the junior KOSDAQ edged 0.3 percent higher. (Reporting by Somang Yang and Seongwon Chang; Editing by Edwina Gibbs)

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