Seoul shares end 0.03 pct lower on tech, shipbuilder losses

SEOUL, April 22 (Yonhap) -- South Korean stocks fell 0.03 percent on Friday as investors sold tech and shipbuilders following the previous session's market rally, analysts said. The local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) inched down 0.72 points to 2,197.82, snapping the second consecutive session of gains. Trading volume was moderate at 387.7 million shares worth 9.79 trillion won (US$9.06 billion) with losers outpacing gainers 451 to 353.
"The KOSPI slightly fell, but buying momentum kept on as foreigners and retailers snapped up stocks," said Bae Sung-young, a market analyst at Hyundai Securities Co. "As ample liquidity and foreigners' buying spree have pushed up the local market, investors may take a breather next week."
Bae said investors will likely focus on a press conference to be held by Federal Reserve Chairman Ben Bernanke slated for Wednesday and await results of first-quarter corporate earnings.
The KOSPI lost ground after the index hit a fresh record high on Thursday on the back of sustained foreign buying. Foreign investors dumped a net 197.9 billion won worth of local stocks on the main bourse.
Tech shares, shipbuilders and chemical producers lost ground following their recent rallies. Market leader Samsung Electronics shed 2.59 percent to 904,000 won and chip giant Hynix Semiconductor fell 1.08 percent to 36,600 won.
Top chemical maker LG Chem fell 1.41 percent to 559,000 won and leading shipbuilder Hyundai Heavy Industries declined 0.58 percent to 518,000 won.
But bank shares, which took a beating in recent sessions due to concerns about sour property loans, traded in positive territory. Top financial services company KB Financial Group added 1.68 percent to 54,600 won and its rival Shinhan Financial Group jumped 2.7 percent to 47,500 won.
Mid-sized brokerage house SK Securities jumped by the daily limit of 14.89 percent to 2,160 won on speculation that it may be up for sale due to the possible delay in the passage of a revised bill on non-financial firms' ownership.
Under the current law, industrial holding companies are not allowed to own financial firms such as brokerages and insurance divisions. Some local conglomerates, including SK Holdings, were given a grace period to keep their financial subsidiaries. If the law is not passed, SK has to sell SK Securities by July or it will face penalties for violating the law.
The local currency ended at 1,080.70 won to the dollar, down 0.4 won from Thursday's close, as offshore investors snatched up the greenback after the central bank and the financial watchdog said they plan to inspect local banks' practices of trading currency derivatives, dealers said.
sooyeon@yna.co.kr