* Market's key heavyweights firm, Samsung Elec up for a 2nd
* Insurers, airlines ease, Daewoo Shipbuilding rises on new
* Foreign investors sell for a 6th straight session
SEOUL, July 10 Seoul shares pared opening gains
and turned flat on Wednesday as investors moved more cautiously
before key Chinese economic data and major South Korean earnings
in coming weeks, with foreign investors selling for a sixth
Investors will remain reluctant to actively make bets ahead
of key Chinese economic data and major domestic earnings news in
coming days and weeks, said Ko Seung-hee, a market analyst at SK
China's money supply and loan growth second quarter GDP
data, monthly urban investment, industrial output and retail
sales figures are due on or before July 15.
"Despite extremely attractive valuations, foreign investors
are reluctant to get in. Strength in U.S. dollar this year
played a part, as did general avoidance of emerging market
assets," said Park Jung-seop, a market analyst at Daishin
Foreign investors were sellers of a net 17 billion Korean
won ($14.89 million) worth of stocks, poised to offload shares
for a sixth straight session.
The Korea Composite Stock Price Index (KOSPI) was
down 0.05 percent at 1,829.48 points as of 0145 GMT, erasing
earlier as much as 0.4 percent gain. The main KOSPI was also
trading significantly below its 120-day moving average of around
Samsung Electronics Co Ltd, biggest component on
the main KOSPI, advanced 0.6 percent rising for a second session
after posting sharp falls last week on second quarter earnings
estimates below market consensus.
Gains in other large-cap stocks supported the market as
Hyundai Motor Co, the second-biggest share on the
KOSPI, gained 1.2 percent and POSCO advanced 0.7
Daewoo Shipbuilding & Marine Engineering Co Ltd
shares rose 0.7 percent after the company said late on Tuesday
it has won an order worth 481.2 billion won to build three
But insurers broadly eased as appetite for the sector
chilled amid concerns over their potential exposure to Asiana
The South Korean airliner's Boeing 777 crash-landed in San
Francisco on Saturday with more than 300 passengers on board.
Shares in Korean Reinsurance Co was down 0.5
percent and Samsung Fire & Marine Insurance Co Ltd
declined 1 percent.
Both Asiana Airlines and Korean Air Line Co Ltd
were down 0.8 percent on worries demand for South Korean airline
flights may be affected by the San Francisco incident.
The KOSPI 200 benchmark of core stocks was up 0.03
percent, while the junior KOSDAQ edged 0.44 percent
($1 = 1141.7000 Korean won)
(Reporting by Jungyoun Park; Editing by Eric Meijer)