Reuters logo
Seoul shares end up on tech gains, snap 4-session losing streak
November 14, 2012 / 6:38 AM / 5 years ago

Seoul shares end up on tech gains, snap 4-session losing streak

* Foreigners extend selling for fifth consecutive session

* LG Display falls after news of Sharp talks with Intel, Qualcomm

* LG Elec, SK Hynix rally

SEOUL, Nov 14 (Reuters) - Seoul shares snapped a four-session losing streak on Wednesday buoyed by technology stocks, but gains were capped by foreign selling amid uncertainty about the looming U.S. “fiscal cliff”.

The Korea Composite Stock Price Index (KOSPI) finished up 0.23 percent at 1,894.04.

Foreigners offloaded stocks on the main bourse for a fifth consecutive session, dumping a net 75.3 billion Korean won ($69.09 million) worth of shares.

“Investors are sitting on the fence as a political debate started over the U.S. fiscal cliff. There are concerns that foreigners may continue selling to reap gains from the recent appreciation of the South Korean won,” said Kim Young-jun, an analyst at SK Securities.

Global stocks have lost ground since the re-election of U.S. President Barack Obama last week, as investors have shifted focus to the fiscal cliff, a convergence of urgent tax and spending issues that could plunge the economy into recession.

On Tuesday, the U.S. Congress gathered in Washington for the first time since the elections, with a fundamental tax dispute preventing a broader compromise on deficit reduction.

Some technology shares rallied, with LG Electronics up 4.59 percent and SK Hynix gaining 4.93 percent.

LG Electronics extended gains after Shinhan Investment expected the company to boost smartphone sales and outpace HTC Corp as the third biggest smartphone maker in the fourth quarter.

Flat-screen maker LG Display bucked the trend, down 0.29 percent after news that its ailing rival Sharp Corp is in talks to secure $378 million in investment from U.S.-based Intel Corp and Qualcomm Inc.

Among large stocks, tech bellwether Samsung Electronics edged up 0.44 percent, while Hyundai Motor gained 2.12 percent.

Doosan Heavy Industries and Construction Co Ltd rallied 3.93 percent after it had a 1.1 trillion won ($1.0 billion) letter of award to build a desalinisation plant in Yanbu, Saudi Arabia.

Move on day +0.23 percent

12-month high 2,057.28 14 March 2012

12-month low 1,750.60 19 Dec 2011

Change on yr +3.74 percent

All-time high 2,231.47 27 April 2011

All-time low 93.10 6 January 1981

$1 = 1089.9400 Korean won Reporting by Hyunjoo Jin; Editing by Jacqueline Wong

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below