* Blue chips mostly down; Samsung Electronics ends flat
* NCsoft down 4.5 pct after Morgan Stanley cuts price target
By Joyce Lee
SEOUL, Jan 9 South Korean shares fell for a
fifth straight session on Wednesday as investors remained
cautious about the lacklustre outlook for upcoming
fourth-quarter corporate earnings results.
The Korea Composite Stock Price Index closed down
0.31 percent at 1,991.81 points. The KOSPI is now down 1.9
percent from a nine-month peak reached on Jan. 2.
"The main board fell while Asian peers rose due to concerns
that local fourth-quarter earnings results will disappoint,
while the trading flow was somewhat stemmed by caution before
the options expiry (on Thursday)," said Kang Hyun-gie, an
analyst at IM Investment & Securities.
Blue chips were mostly down. Market heavyweight Samsung
Electronics closed flat, failing to regain ground
after a four-session losing streak.
Online game developer NCsoft slid 4.5 percent to
147,500 won, after Morgan Stanley slashed its price target for
the stock to 130,000 won from 375,000 won.
"We advise cutting losses on NCsoft - we see continued
cannibalization of existing games and at best moderate success
for new games in China," Morgan Stanley analyst Sam Min wrote in
a research note on Wednesday.
Among small- and mid-cap stocks, Tongyang Inc
rose 5.5 percent and Tongyang Networks Corp rose by
the daily limit of 15 percent.
The Korea Economic Daily reported on Wednesday that Tongyang
Networks had ended negotiations to sell its IT service business
to IBM's South Korean unit for 50 billion won ($47
The report added Tongyang Inc is set to sell its textiles
business to South Korea-based Kabul International Co for 80
billion won. Tongyang Inc is the largest shareholder of Tongyang
Local institutional and foreign investors sold a net 141.5
billion Korean won ($133 million) worth of KOSPI shares,
weighing on the main board.
Decliners outnumbered gainers 429 to 379. The KOSPI 200
benchmark of core stocks closed down 0.4 percent, while
the junior KOSDAQ rose 0.6 percent.
Move on day -0.31 percent
12-month high 2,057.28 14 March 2012
12-month low 1,769.31 25 July 2012
Change on yr -1.9 percent
All-time high 2,231.47 27 April 2011
All-time low 93.10 6 January 1981
($1 = 1062.9500 Korean won)
(Editing by Chris Gallagher)