Reuters: Financial Services and Real Estate: Seoul shares dip to end 4-day rally in thin trading

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Seoul shares dip to end 4-day rally in thin trading May 3rd 2012, 07:46 Tweet Share this Email Print Thu May 3, 2012 3:46am EDT * Turnover lowest in 1-1/2 weeks after choppy session * Blue-chips down on profit-taking after roaring to highs * LG Display tumbles after reports of espionage probe By Joonhee Yu SEOUL, May 3 (Reuters) - Seoul shares edged lower on Thursday to snap a four-day winning streak as sentiment was pressured by data showing weaker-than-expected U.S. private sector hiring. Trading was subdued as investors were cautious ahead of a series of key events and data releases. The Korea Composite Stock Price Index (KOSPI) fell 0.2 percent to close at 1,995.11 points. "Investors are playing the waiting game after seeing mixed data signals out of the U.S.," said Park Suk-hyun, an analyst at KTB Securities. "They are reserving judgment pending further cues, with labor data and a final stretch in earnings due up for release, while the muddled picture in Europe won't clear up until after the French and Greek election results." 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. Share turnover was the lowest in a week-and-a-half at 4.6 trillion won ($4.1 billion), just 68 percent of the trade volume seen on Wednesday's session. SHIPBUILDERS, AUTOS FALL Shipbuilders underperformed after a three-day rebound, as STX Offshore & Shipbuilding fell 2.7 percent while Daewoo Shipbuilding & Marine Engineering dipped 2.2 percent. Blue-chip counters fell on profit-taking, most notably auto shares, with Hyundai Motor Co edging 0.9 percent lower and KIA Motors Corp losing 2 percent after both shares cruised to respective all-time highs in the previous session. Tech heavyweight Samsung Electronics retreated 0.6 percent after six straight winning sessions en route to consecutive record highs. LG Display Co Ltd shares tumbled 6.6 percent after local media said prosecutors had exercised a search and seizure warrant on the flat-screen maker's head office to investigate whether it tried to steal OLED technology from a rival. An LG spokesman said they were fully co-operating with the investigators, but declined to provide details. Investors will be on watch for developments in Europe, with the European Central Bank due to meet later on Thursday under mounting pressure to use bond buying and other measures to protect vulnerable member states, while elections in France and Greece are scheduled to take place over the weekend. The KOSPI 200 index fell 0.21 percent while the junior KOSDAQ index rose 0.39 percent. Move on day -0.2 percent 12-month high 2,228.04 2 May 2011 12-month low 1,644.11 26 Sept 2011 Change on yr +9.3 percent All-time high 2,231.47 27 April 2011 All-time low 93.10 6 January 1981 ($1 = 1127.3750 Korean won) (Editing by Muralikumar Anantharaman) Tweet this Link this Share this Digg this Email Reprints Comments (0) This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

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