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Seoul shares dip in slow morning trade
August 6, 2013 / 3:11 AM / 4 years ago

Seoul shares dip in slow morning trade

* Shares fall on lacklustre U.S. markets

* LG Electronics rise ahead of new smart phone launch

SEOUL, Aug 6 (Reuters) - South Korean shares fell on Tuesday, reacting to lacklustre U.S. market performance after Dallas Fed President Richard Fisher said overnight the U.S. central bank should start trimming its massive bond-buying stimulus in September in the absence of “some disturbing data.”

The Korea Composite Stock Price Index (KOSPI) was down 0.8 percent at 1,900.72 points as of 0205 GMT, having briefly dropped below a psychologically important 1,900-point mark.

Samsung Electronics fell 1.7 percent while Samsung’s rival LG Electronics Inc rose 2.8 percent ahead of much anticipated launching of new smartphone “G2” on Wednesday. LG Display Co Ltd advanced 2.1 percent.

Automaker Hyundai Motor Co advanced 0.7 percent on expectations that the firmer yen would make the South Korean exporter more price competitive.

Byucksan Engineering & Construction Co Ltd shares rose 4.7 percent on news of its creditors’ proposal for a debt-for-equity swap amounting to 2.5 billion won ($2.24 million).

Foreign investors sold a net 28.6 billion won worth of KOSPI shares by late morning, weighing on the main board.

Decliners outnumbered gainers 514 to 217.

The KOSPI 200 benchmark of core stocks was down 0.9 percent, while the junior KOSDAQ edged 0.1 percent lower. ($1 = 1113.9000 Korean won) (Reporting by Jungmin Jang; Editing by Choonsik Yoo and Eric Meijer)

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