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Seoul shares flat on Fed uncertainty; autos, shipbuilders rise
November 6, 2013 / 2:46 AM / 4 years ago

Seoul shares flat on Fed uncertainty; autos, shipbuilders rise

(Update to midday)

* KOSPI sheds early gains

* Automakers, shipbuilders rally on bargain hunting

* SK C&C jumps on share-buyback plan

SEOUL, Nov 6 (Reuters) - Seoul shares relinquished early gains on Wednesday, as continuing concern about the future of U.S. Federal Reserve stimulus offset rallies for automakers and shipbuilders.

The Korea Composite Stock Price Index (KOSPI) was flat at 2,013.87 points by 0205 GMT after hitting an intraday high of 2,023.52.

“The clouded global liquidity outlook has stirred fluctuation in the market, and that’s expected to continue until U.S. data is released,” said Lim Dong-rak, an analyst at Hanyang Securities.

Investors are awaiting U.S. data due this week including the latest non-farm payrolls report for hints on when the Fed might start tapering its stimulus.

Hyundai Motor Co lifted the market, rising 1.8 percent after losing 3.8 percent loss the past two sessions. Its affiliate Kia Motors Corp advanced 3.3 percent.

The shipbuilding sector rose 2.4 percent, with Hyundai Heavy Industries Co Ltd and Samsung Heavy Industries Co Ltd up 3.4 percent and 1.9 percent, respectively.

SK C&C Co Ltd, an IT service provider, rose 6.4 percent after a regulatory filing on Tuesday said it will acquire 1.5 million of its own shares.

Samsung Electronics Co Ltd, the largest KOSPI component, fell 1.2 percent after comments by its chief financial officer on future investment and the company’s cash reserves.

Declining shares outnumbered gainers 419 to 353.

The KOSPI 200 benchmark of core stocks slipped 0.1 percent and the junior KOSDAQ edged down 0.2 percent. ($1 = 1061.1750 Korean won) (Reporting by Jungmin Jang; Editing by Richard Borsuk)

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