Seoul shares close lower after hitting new high

Seoul shares close lower after hitting new high - UPDATE

	Published : Tue, 17 Apr 2007 08:02 By : Agencies Print this Story

SEOUL (XFN-ASIA) - Share prices closed lower, retreating from a record high set in early trade, with investors turning cautious ahead of China's quarterly GDP data and earnings announcements by Intel and other key IT companies, dealers said.

The market opened firmer on Wall Street's overnight advance but lost ground later on institutions' profit-taking, they added.

The KOSPI index closed down 3.38 points or 0.22 pct at 1,528.66, after hitting another record high of 1,538.89. Today's low was 1,524.33.

'The market is taking a breath after its recent speedy run, with China's upcoming GDP data as an excuse,' Tongyang Investment Bank analyst Lee Hyun-Ju said.

Korea Investment & Securities analyst Kim Hak-Gyun said: 'Today's correction was pretty marginal on foreign investors' continued support.'

Kim said the upward trend is unlikely to stop now, and the market could rise another 100 points.

Volume was 417 mln shares worth 4.4 trln won.

Falls outnumbered rises by 459 to 299, with 87 shares unchanged.

Foreign investors were net buyers of shares worth 244.6 bln won while institutions and retail investors were net sellers of 266.7 bln and 19.9 bln in shares, respectively.

Samsung Electronics stayed flat at 593,000 won while Hynix dropped 100 to 33,550.

LG Philips LCD shed 500 to 35,400 and LG Electronics closed flat at 63,600.

POSCO shed 3,000 to 377,000 and KEPCO receded 400 to 38,750.

Kookmin Bank lost 800 to 87,200, Shinhan fell 400 to 54,100 and Woori dropped 50 to 23,850.

Hyundai Heavy skid 7,500 to 209,000 but Daewoo Shipbuilding advanced 100 to 36,950.

Hyundai Motor gained 200 to 65,000.

SK Telecom eased 1,500 to 193,500 while KT ended unchanged at 41,400.

Retailers surged on foreign investors' rotational interest. Shinsegae jumped 33,000 to 609,000 and Lotte Shopping soared 17,000 to 365,000.

SK Networks jumped 3,700 or 10 pct to 40,700 on hopes of its exit from years in a creditor-led debt restructuring program.

Samsung Corp rose 1,250 to 37,300 and Daewoo Engineering & Construction gained 650 to 22,700 but Hyundai Engineering & Construction receded 1,000 to 54,000.

LG Chem fell 100 to 52,900 ahead of its first-quarter results announcement this afternoon.

(1 usd = 929 won)

eunkyung.seo@xinhuafinance.com

Seoul shares close lower after hitting new high - UPDATE