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Seoul shares ease from 3-week-high; institutional selling weighs
November 30, 2012 / 2:00 AM / 5 years ago

Seoul shares ease from 3-week-high; institutional selling weighs

* Institutional investors turn net sellers after six days of buying

* CJ Corp rallies after reporting record earnings - analyst

SEOUL, Nov 30 (Reuters) - Seoul shares held steady around a three-week high reached in the previous session, although institutional investors turned net sellers after six consecutive days of buying.

The Korea Composite Stock Price Index (KOSPI) ticked just 0.02 percent lower at 1,934.41 points as of 0134 GMT on Friday.

“Institutional investors are taking profits at the end of the month after their recent buying spree,” said Lee Jae-hoon, an analyst at Mirae Asset Securities.

The KOSPI has risen nearly 4 percent since Nov. 16, driven by Greece’s debt agreement and hopes of a U.S. fiscal deal.

But ongoing wrangling by U.S. legislators could dash the prospect of budget agreement this year, Lee said.

”The key to the index next month is whether the fiscal cliff issue will be resolved.

“The budget talks could be drawn out into next year as rival parties remain sharply divided over the issue. The KOSPI has little upside in December when it is expected to hover below the 2,000 point,” he said.

Heavyweights fell, with Samsung Electronics edging down 0.6 percent and Hyundai Motor down 0.2 percent.

CJ Corp rallied, rising as much as 7.2 percent, after it reported record earnings, driven by its affiliates businesses ranging from food, logistics to cosmetics and entertainment, said Jun Yong-gi, an analyst at Hyundai Securities.

Daewoo Engineering & Construction rose only 0.32 percent after the builder announced that it had won two projects worth a combined $809 million. (Reporting by Hyunjoo Jin; Editing by Eric Meijer)

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