* Foreigners reposition as net sellers
* Hyundai Merchant Marine suffers profit taking
* NCsoft, NHN Entertainment rise on bullish Q4 earnings
SEOUL, Feb 13 Seoul shares are set to snap a
six-day winning streak on Thursday, as foreigners reposition as
sellers, offsetting some of the positive sentiment flowing from
the world's two largest economies.
The Korea Composite Stock Price Index (KOSPI) was
down 0.1 percent at 1,933.86 points as of 0353 GMT after hitting
an intraday high of 1,944.73.
The KOSPI has risen 2.6 percent during its six-day winning
streak and now faces resistance at the 1,950-point threshold,
the 200-day moving average.
"The market tried to add on to the rebound but is retreating
now, with foreigners remaining sellers. While market jitters
have eased recently there is no new development that can
generate additional momentum for the market to rise further,"
said Lim Dong-rak, an analyst at Hanyang Securities.
Lim added that by end-February or early March, the market
will have economic indicators likely pointing to strengthening
fundamentals that may lead to an uptrend.
Market sentiment was lifted by China's upbeat January trade
data on Wednesday. Federal Reserve chief Janet Yellen's positive
view of the world's largest economy on Tuesday, in her first
public comments since taking the helm of the U.S. central bank,
also underpinned investor sentiment.
Meanwhile, South Korea's central bank stood pat for a ninth
straight month on Thursday, as expected, and a firming economic
recovery supported the consensus market view that the central
bank would begin raising interest rates later this year.
Offshore investors sold a net 31 billion won ($29.2 million)
worth of KOSPI shares, which weighed on the index.
Programme selling joined offshore investors, with a net 13
billion won worth being offloaded via arbitrage and
Decliners outnumbered advancers 401 to 380 as some investors
were seen locking in profits from the previous sessions. South
Korean shipper Hyundai Merchant Marine Co Ltd
dropped 5.7 percent after jumping 8.8 percent in the previous
On the other hand, top performers NCSoft Corp
and NHN Entertainment Corp advanced 3.8 percent and
4.6 percent, respectively after announcing upbeat
October-December earnings reports via regulatory filing on
The KOSPI 200 benchmark of core stocks was down 0.1
percent, while the tech-heavy junior KOSDAQ edged 0.2
($1 = 1062.6000 Korean won)
(Reporting by Jungmin Jang; Editing by Jacqueline Wong)