Reuters: Financial Services and Real Estate: Seoul shares fall as profits taken in blue chips

Reuters: Financial Services and Real Estate Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Seoul shares fall as profits taken in blue chips Mar 28th 2012, 07:45 Wed Mar 28, 2012 3:45am EDT * Investors cash in on blue chips * LG Display plunges almost 5 pct on Hon Hai-Sharp tie-up * Foreigners dump shares after large purchases on Tuesday By Joonhee Yu SEOUL, March 28 (Reuters) - Seoul shares fell on Wednesday after putting in their best daily performance in two weeks on Tuesday, with investors taking profits in blue chip issues that have recently outperformed the market. Declines were led by large-cap technology shares, with Samsung Electronics Co Ltd easing 0.7 percent from an all-time intraday high hit on Tuesday while LG Electronics Inc fell 4.3 percent. "The KOSPI closely tracked Wall Street, undergoing a correction in the wake of a large rally as the market tries to cool off and fine-tune itself" said Daewoo Securities analyst Kim Hak-gyun. The Korea Composite Stock Price Index (KOSPI) shed 0.4 percent to close at 2,031.74 after gaining 1 percent on Tuesday. The index got off to a flying start this year but the rally has stalled, and it has traded in a narrow 1,980 to 2,060 range this month on a lack of clear, positive signals and pressure from persistent worries about slower growth in China. It is up 11 percent for the year to date. LG Display Co Ltd tumbled 4.9 percent on fears of fiercer competition in LCDs after Taiwan's Hon Hai Precision Industry Co Ltd snapped up $808 million worth of new shares in Sharp Corp. Builders also lost ground, with GS Construction tumbling 4.6 percent and Daewoo Engineering & Construction declining 2.3 percent. Automakers outperformed with Hyundai Motor Co rising 2.9 percent. KIA Motors Corp advanced 2.8 percent after saying its U.S plant would resume full production following delays due to a fire at a major parts supplier. Shipbuilders lent support, with Daewoo Shipbuilding & Marine Engineering Co Ltd up 0.9 percent and Hyundai Heavy Industries Co Ltd gaining 0.8 percent. Offshore investors who led the rally on Tuesday with their largest net buying session in two weeks, sold a net 72.8 billion won ($64.2 million) worth of shares. Some 526 million shares exchanged hands on the main bourse, while declining shares outnumbered winners 467 to 340. The benchmark KOSPI 200 index fell 0.4 percent, as did the tech-heavy KOSDAQ index. ($1 = 1134.250 Korean Won) (Editing by Edwina Gibbs) Link this Share this Digg this Email Reprints

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