Reuters: Financial Services and Real Estate: S.Korea shares drift lower as U.S jobs data pressures

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S.Korea shares drift lower as U.S jobs data pressures May 3rd 2012, 03:24 Wed May 2, 2012 11:24pm EDT * Automakers retreat from all-time highs on profit-taking * LG Display falls on report of prosecution probe By Joonhee Yu SEOUL, May 3 (Reuters) - South Korean shares drifted lower on Thursday morning, poised to snap a four-day winning run as weaker-than-expected data on U.S. private sector job hirings weighed on sentiment. The Korea Composite Stock Price Index (KOSPI) was down 0.31 percent at 1,992.95 as of 0304 GMT. "Seasonal factors such as an unusually warm winter played a part in strong U.S. job market showings at the start of the year, so it would be premature to say they have entered a downtrend. Regardless, it doesn't bode well for Friday's official data from the U.S. labor department and investors are hunkering down as a result," said Kim Sung-bong, an analyst at Samsung Securities. New jobs added by U.S. companies in March fell well below expectations, according to estimates from payroll processing firm ADP, turning investors cautious ahead of U.S. government data on non-farm payrolls due on Friday. Automakers fell to profit-taking, with Hyundai Motor Co down 1.7 percent and KIA Motors Corp off 2 percent after both counters touched all-time intraday highs on Wednesday. "Aside from the usual cycle of correction that follows a typical rally, there were also noises about a possible amendment to the South Korea-European Union free-trade agreement that could add non-tariff barriers to automobile exports," said SK Securities analyst Kim Yong-soo. Shipbuilders also weighed. Hyundai Heavy Industries Co Ltd declined 3.1 percent, while Samsung Heavy Industries Co Ltd slid 2.3 percent. Screenmaker LG Display Co Ltd fell 5.2 percent after local media said the prosecutor's office had raided LG Display's head office to investigate whether the company had tried to steal OLED technology from a rival. An LG spokesman said full co-operation was being extended to the prosecutor's office, but declined to provide details. The European Central Bank is due to meet on Thursday amid growing pressure to use bond buying and other measures to shield weaker euro zone members from additional pain, while elections in France and Greece are scheduled to take place over the weekend. (Reporting by Joonhee Yu; Editing by Chris Lewis) Link this Share this Digg this Email Reprints

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