* Bluechip exporters rise on yen appreciation
* Foreigners re-position as net sellers
SEOUL Jan 14 Seoul shares reversed earlier
gains to edge lower on Tuesday morning, tracking global markets
as foreigners offloaded local stocks, but the yen's sharp rise
limited further losses.
The Korea Composite Stock Price Index (KOSPI) was
down 0.3 percent at 1,942.57 points as of 0245 GMT after
touching an intraday high of 1,961.73.
"Although the yen's rise against the won helped risk
sentiment, the market lacks risk variables for a push with
markets across the globe falling," said Choi Kwang-hyeok, an
analyst at E-Trade Securities.
U.S. stocks fell overnight on mounting negative
pre-announcements that left a lacklustre profit growth outlook,
with nearly 10 out of 11 preliminary figures from S&P 500
companies lowered, according to Thomson Reuters data.
The decline pushed the dollar down to a four-week low
against the yen, which indirectly helped the Japanese
currency's appreciation against the won to alleviate
pressures that had weighed on South Korean exporters.
The two largest components in the KOSPI were poised to
finish with strong gains for a second straight session. Samsung
Electronics Co Ltd advanced 1.3 percent, while
Hyundai Motor Co added 2 percent near mid-session.
Meanwhile, foreign investors re-positioned as net sellers
near the mid-session, offloading a net 46.3 billion won ($43.8
million) to weigh on the main bourse.
The construction sector and the banking sector
suffered from foreign outflows, highlighted by
Hyundai Engineering & Construction Co Ltd and
Shinhan Financial Group Co Ltd, which dropped 4.1
percent and 1.9 percent, respectively.
Decliners outnumbered advancers 237 to 533.
The KOSPI 200 benchmark of core stocks was down 0.2
percent, while the junior KOSDAQ edged 0.3 percent
($1 = 1056.6500 Korean won)
(Reporting by Jungmin Jang; Editing by Jacqueline Wong)