Seoul shares down

South Korean shares edged lower on Wednesday, hit by sustained selling by foreign investors, while exporters such as LG.Philips LCD Co Ltd dropped following an unexpected dip in US consumer confidence.
Hynix Semiconductor Inc dropped 7.3 percent to 20,950 won ahead of the pricing of a 23 percent stake sale by creditors amid market speculation tepid overseas demand would allow investors to buy shares at a deep discount.
But Woori Financial Group erased early losses to end up 1.2 percent at 16,900 won after it said its third quarter net profit came in well above expectations. The benchmark Korea Composite Stock Price Index (KOSPI) fell 0.19 percent to end at 1,179.00.
"The 'sell Korea' mentality by foreign investors continues, and that is preventing the market from gaining," said Choo Hee-yeop, deputy general manager of asset management strategy at Korea Investment and Securities.
Foreign investors, who account for around 40 percent of total market capitalisation and one-fifth of daily trading value, sold a net 60.8 billion won more than they bought, extending their selling streak to a 24th session.
They have disposed of some 3.3 trillion won ($3.15 billion) worth during that steak, which has been the longest since they offloaded for 25 sessions in October 1997 during the Asian financial crisis.
But some analysts expected a turnaround later this week.
Samsung Electronics Co Ltd, the world's top maker of memory chips, fell 0.35 percent to 559,000 won, while flat panel maker LG.Philips LCD lost 1.5 percent to 39,500 won.
State-run power provider Korea Electric Power Corp fell 0.43 percent to 34,500 won, with local carrier Korean Air Co dropping 3.15 percent to 20,000 won.
On the upside, LG Chem Ltd, South Korea's biggest chemical maker, rose 0.33 percent to 46,250 won after it said third quarter net profit topped expectations.
Trade volume reached around 404 million shares worth 3.2 trillion won compared to 448 million shares worth 3.5 trillion won on Tuesday. Gainers edged out decliners by 391 to 350 with 77 titles ending flat.
The December KOSPI 200 futures index fell 0.90 point to 151.50 and the underlying KOSPI 200 spot index lost 0.31 point to 151.45. South Korea's junior and tech heavy Kosdaq market rose 0.13 percent to finish at 594.58.