* Foreign net buying on track for a 14th consecutive session
* Steelmakers rally again on global steel-price rise
* Samsung Elec, LG Display fall as Apple unveils new phones
SEOUL, Sept 11 Seoul shares edged down on
Wednesday morning as profit-taking after the market's recent
gains offset fresh signs of global economic stability.
The Korea Composite Stock Price Index (KOSPI) was
0.2 percent lower to 1,989.72 points as of 0212 GMT after
hitting 1,997.46, the highest intraday level since June 4.
A fresh set of stronger-than-expected China data including
factory output and retail sales boosted risk appetites, while w
developments on Syria reduced worries over military conflict in
the Middle East.
Despite upward momentum in global equities market, investors
sold stocks for profit. Through Tuesday, the KOSPI was up 3.5
percent this month.
"The week ahead contains cues that could change foreign
capital flows," said E-Trade Securities analyst Choi
Kwang-hyeok. "So investors are choosing to profit from recent
gains while foreign inflows continue to underpin the market."
Next week, the U.S. Federal Reserve holds a meeting at which
it is expected to reduce monetary stimulus.
Foreigners made net purchases of 4.5 trillion won ($4.15
billion) of local stocks from Aug. 23 through Tuesday, their
longest buying streak of the year.
The streak looks likely to reach 14 days, as foreign net
buying was 167.7 billion won early Wednesday.
Steelmakers rallied again on prospects for higher earnings
on rising global steel prices and the Korean won's recent
strength against the dollar. Hyundai Steel Co
advanced 2.2 percent and POSCO rose 0.8 percent.
Securities companies advanced on prospects for better
Daewoo Securities Co Ltd and Hyundai Securities
Co Ltd gained 1.4 percent and 1.6 percent,
Tech giant Samsung Electronics Co Ltd slipped
0.6 percent after global rival Apple Inc unveiled its
new smartphones overnight.
LG Display Co Ltd, a key supplier to Apple Inc,
slipped 2.8 percent after Apple shares fell 2.3 percent
following its unveiling event.
Korea Zinc Inc fell 3.5 percent after gold
prices fell on eased concerns about a U.S. military strike
against Syria, erasing Tuesday's 1.6 percent gain. The South
Korean zinc company extracts gold.
Gainers outnumbered decliners 464 to 306.
The KOSPI 200 benchmark of core stocks was off 0.2
percent, while the junior KOSDAQ rose 0.7 percent.