Seoul shares slide

Seoul shares fell on Wednesday from a record following disappointing earnings results, including from KTF, while exporters fell as weak US economic data cast doubt about the outlook for South Korea's no.2 export market.
Domestic economic growth data for the first quarter showed the export-led manufacturing sector suffered its first decline in four years, reinforcing doubts about overseas profits at firms such as Hyundai Motor Co.
Samsung SDI Co slumped as brokerages including Citigroup and J.P. Morgan cut their earnings forecasts a day after the display panel maker posted a bigger-than-expected quarterly loss.
But brokerages rallied on speculation banks were looking to make acquisitions in the sector, while tobacco firm KT&G Corp gained after announcing a $285 million share buyback and cancellation and posting earnings that beat estimates. Trading value in the main KOSPI reached 6.4 trillion won ($6.91 billion), the highest since January 18, 2006.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 0.72 percent to end at 1,545.55 points. The index had earlier hit a record 1,558.72, its 13th all-time high this month, during which the KOSPI has rallied 6.4 percent on the back of heavy foreign buying and surging global markets.
But its relative strength index had risen to 76.3 on Tuesday, above the 70-point level at which a share or index is seen as technically overbought, before falling to 66 on Wednesday.
Foreign investors sold a net 64.9 billion won ($70.05 million) in shares on the main bourse, ending an eight-session buying streak. KTF Co Ltd fell 0.34 percent to 29,100 won after South Korea's second-biggest mobile operator posted a 39 percent fall in quarterly profit due to surging marketing costs for its new high-speed mobile service.
Samsung SDI slid 4.03 percent to 54,800 won. Brokerages slashed their earnings forecasts and target prices for the display maker, saying an expected recovery in earnings may take longer than expected.
Hyundai Motor, the country's biggest automaker, slumped 2.42 percent to 60,500 won. Kyobo Securities Co, which some analysts have identified as a potential take-over target, surged 9.8 percent to 13,450 won.
Hyundai Engineering and Construction Co Ltd rose 3.7 percent to 58,900 won. Samsung Heavy Industries Co, the world's third-biggest shipbuilder, surged 5.94 percent to 32,100 won.