Seoul shares end 0.58 pct down on profit-taking

SEOUL, April 17 (Yonhap) -- South Korean stocks closed 0.58 percent lower Friday
as institutions cashed in profits from recent advances, analysts said. The local
currency ended flat against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 7.72 points to
1,329.00. Volume was heavy at 783.03 million shares worth 8.1 trillion won (US$
6.1 billion), with losers outpacing gainers 590 to 240.
"Reversing gains in morning trading, the key index lost ground as institutional
investors locked in profits from recent surges," said Park So-yeon, an analyst at
Korea Investment & Securities Co.
Telecoms and financial issues lost considerably. No. 1 mobile carrier SK Telecom
inched down 2.36 percent to 186,500 won, and its Internet broadband affiliate SK
Broadband closed down 2.92 percent at 5,980 won.
KT, the country's telecom giant, which recently merged with its mobile unit KTF,
lost 1.55 percent to 38,000 won.
Many exporters, however, bucked the overall market mood, ending in positive
territory after taking a cue from a series of optimistic economic and earnings
reports in the United States.
Major tech exporters led the upward move. Industry heavyweight Samsung
Electronics rose 2.75 percent to 597,000 won and rival chipmaker Hynix
Semiconductor also gained 8.68 to 14,400, on the news that the global
semiconductor glut is clearing.
Top steelmaker POSCO rose 1.73 percent to 412,500 won and flat-panel maker LG
Display gained 0.96 percent to 31,6450 won, with its better-than-expected
earnings reports.
The local currency held steady at 1,332.00 won to the dollar as a morning-session
gain was offset by a fall in afternoon trading, dealers said.
ygkim@yna.co.
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