* LG Display widens loss on profit-taking
* Pemex lawsuit rattles SK Holdings
* STX Pan Ocean riding high on stake sale talk
By Somang Yang
SEOUL, Dec 14 South Korean shares edged lower on
Friday, with upbeat data from China helping to narrow early
losses, but still finished the week higher to notch up a fourth
consecutive weekly gain.
The Korea Composite Stock Price Index (KOSPI) closed
down 0.4 percent at 1,995.04 points, after hitting a near
three-month closing high on Thursday. The index was up 1.9
percent for the week.
"China's data helped narrow the loss a bit, but the index is
resting to consolidate Thursday's rapid gains," said Cho
Byung-hyun, an analyst at Tongyang Securities.
He expected the index to rise well above the 2,000-mark in
coming weeks as global liquidity bolsters risk appetite.
The China HSBC flash purchasing managers' index picked up in
December, underlining a brighter outlook for South Korea's
biggest trading partner.
Decliners outnumbered winners 410 to 381.
LG Display was a big loser, falling 3.9 percent.
Shares in the flat-screen maker rose 32 percent in value between
September and December, making it ripe for profit-taking.
"There is no change in fundamentals and the company's
profits are set to improve. However, shares have risen a lot
recently, with some investors thinking that it will benefit from
Sharp's misfortunes," said Choi Do-yeon at LIG Investments &
Securities, referring to Japan's troubled Sharp Corp.
SK Holdings slumped down 4.3 percent following
news that unlisted affiliate SK Engineering & Construction
is being sued by a Mexican oil company.
STX Pan Ocean leapt 9.5 percent after local
media reported that its cash-strapped parent company STX Corp
was in talks with various companies to sell its
Foreigners, who were selling in early trade, turned to
buying for the twelfth straight session. However, this was not
enough to offset selling by local institutions.
The KOSPI 200 benchmark of core stocks closed down
0.5 percent, while the junior KOSDAQ edged 0.3 percent
Move on day -0.39 percent
12-month high 2,057.28 14 March 2012
12-month low 1,750.60 19 Dec 2011
Change on yr +9.27 percent
All-time high 2,231.47 27 April 2011
All-time low 93.10 6 January 1981
(Reporting By Somang Yang; Editing by Richard Pullin)