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Seoul shares slip 0.6 pct as techs weigh; KEPCO rallies
July 18, 2013 / 6:17 AM / 4 years ago

Seoul shares slip 0.6 pct as techs weigh; KEPCO rallies

SEOUL, July 18 (Reuters) - Seoul shares fell 0.6 percent on Thursday, easing off a one-month closing high the previous session as investors turned more cautious ahead of Second quarter earning reports by major companies.

The Korea Composite Stock Price Index (KOSPI) ended at 1,875.48 points.

Samsung Electronics Co Ltd, the biggest component on the main KOSPI, followed up Wednesday’s rally by falling 2.1 percent after Intel Corp’s announced a grim revenue forecast and capital spending cuts.

LG Display Co Ltd shares dropped 3.1 percent amid concerns that slowing demand for televisions would hurt earnings in six months ending in December, analysts said.

Korea Electric Power Corp (KEPCO) shares rallied 3.4 percent after it said late on Wednesday the National Pension Service (NPS) had asked South Korea’s top financial regulator to approve its plan to increase its stake in the state utility firm to 10 percent from 4.85 percent.

Under current regulations, NPS has to keep its KEPCO stake under 5 percent because the government does not want concentrated shareholdings in a national utility. (Reporting by Jungyoun Park; Editing by Richard Borsuk)

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