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Seoul shares trade flat amid concerns for global growth
January 17, 2013 / 2:16 AM / in 5 years

Seoul shares trade flat amid concerns for global growth

* Blue-chips mixed; Samsung Elec down 1.6 pct

* Hanjin Heavy down 8.5 pct after capital increase plan

SEOUL, Jan 17 (Reuters) - Seoul shares traded nearly flat on Thursday morning, tracing global stocks’ lacklustre performance as concerns about world economic growth undercut the effect of U.S. banks’ strong earnings results.

The Korea Composite Stock Price Index (KOSPI) ticked 0.03 percent lower at 1,976.94 points as 0156 GMT.

“The main board is continuing the recent trend of seesawing while moving sideways on average, due to a mixture of concerns over remaining U.S. fiscal issues and hopes for economic recovery in the U.S. and China,” said Jeong Dong-hyu, an analyst at Eugene Investment & Securities.

Asian shares consolidated early on Thursday as better-than-expected U.S. earnings lifted sentiment, but worries over the international economic outlook and U.S. fiscal problem capped markets.

Blue-chips were mixed, with tech heavyweight Samsung Electronics Co Ltd losing ground for the third straight session, sliding 1.6 percent on foreign selling.

Shares in most local financial firms rose after Goldman Sachs and JPMorgan Chase & Co reported strong earnings results on Wednesday.

Shinhan Financial Group Co Ltd rose 1 percent, while Hanwha Life Insurance Co Ltd gained 1.3 percent and Daewoo Securities Co Ltd added 1.3 percent.

Among daily movers, Hanjin Heavy Industries & Construction Co Ltd plunged 8.5 percent, extending Wednesday’s 14 percent slide.

The shipbuilding and construction firm said on Wednesday it would issue 21 million new shares in a paid-in capital increase to raise 180.2 billion won ($170.20 million) in operating funds.

Declining shares outnumbered winners 407 to 353 near mid-session.

The KOSPI 200 benchmark of core stocks was down 0.1 percent, while the junior KOSDAQ edged 0.1 percent higher. (Reporting by Joyce Lee; Editing by Stephen Coates)

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