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Seoul shares slip on profit-taking, foreigners keep buying
September 11, 2013 / 2:56 AM / in 4 years

Seoul shares slip on profit-taking, foreigners keep buying

* Foreign net buying on track for a 14th consecutive session

* Steelmakers rally again on global steel-price rise

* Samsung Elec, LG Display fall as Apple unveils new phones

SEOUL, Sept 11 (Reuters) - Seoul shares edged down on Wednesday morning as profit-taking after the market’s recent gains offset fresh signs of global economic stability.

The Korea Composite Stock Price Index (KOSPI) was 0.2 percent lower to 1,989.72 points as of 0212 GMT after hitting 1,997.46, the highest intraday level since June 4.

A fresh set of stronger-than-expected China data including factory output and retail sales boosted risk appetites, while w developments on Syria reduced worries over military conflict in the Middle East.

Despite upward momentum in global equities market, investors sold stocks for profit. Through Tuesday, the KOSPI was up 3.5 percent this month.

“The week ahead contains cues that could change foreign capital flows,” said E-Trade Securities analyst Choi Kwang-hyeok. “So investors are choosing to profit from recent gains while foreign inflows continue to underpin the market.”

Next week, the U.S. Federal Reserve holds a meeting at which it is expected to reduce monetary stimulus.

Foreigners made net purchases of 4.5 trillion won ($4.15 billion) of local stocks from Aug. 23 through Tuesday, their longest buying streak of the year.

The streak looks likely to reach 14 days, as foreign net buying was 167.7 billion won early Wednesday.

Steelmakers rallied again on prospects for higher earnings on rising global steel prices and the Korean won’s recent strength against the dollar. Hyundai Steel Co advanced 2.2 percent and POSCO rose 0.8 percent.

Securities companies advanced on prospects for better earnings.

Daewoo Securities Co Ltd and Hyundai Securities Co Ltd gained 1.4 percent and 1.6 percent, respectively.

Tech giant Samsung Electronics Co Ltd slipped 0.6 percent after global rival Apple Inc unveiled its new smartphones overnight.

LG Display Co Ltd, a key supplier to Apple Inc, slipped 2.8 percent after Apple shares fell 2.3 percent following its unveiling event.

Korea Zinc Inc fell 3.5 percent after gold prices fell on eased concerns about a U.S. military strike against Syria, erasing Tuesday’s 1.6 percent gain. The South Korean zinc company extracts gold.

Gainers outnumbered decliners 464 to 306.

The KOSPI 200 benchmark of core stocks was off 0.2 percent, while the junior KOSDAQ rose 0.7 percent.

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