Seoul shares ended up slightly after hitting a second straight record on Friday as brokerages again surged after a parliamentary panel approved an act that gives them a bigger role in the financial sector.
But Samsung Electronics fell 1.2 percent to 574,000 won after saying it would invest $3.5 billion in its US chip plant by 2008 to produce flash memory chips, raising worries about the size of the investment and about the impact on chip supply.
Investors also locked in gains in recent outperformers, with the main index hitting a record 15th consecutive week of gains on Friday after ending up 2.6 percent for the week. "It's getting harder and harder for the market to continue the recent pace of gains, with levels feeling burdensome," said Kim Jeong-hwan, a strategist at Woori Investment and Securities.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.17 percent to end at 1,772.26 points, after earlier hitting a record 1,776.80 points. The main index is now up some 24 percent for the year, with gains supported by improving economic fundamentals and expectations for booming earnings in sectors such as shipbuilding, construction and machinery's due to a rise in overseas orders. A sub-index of brokerages surged to a record on Friday.
Samsung Securities Co, South Korea's second-most valuable brokerage, rose 5.01 percent to 75,500 won, after earlier hitting its highest since mid-1999. Woori Investment and Securities Co gained 5.87 percent to 32,450 won. A sub-index of brokerages surged some 18 percent since Tuesday in anticipation of the approval, which virtually ensures passage of the bill by the full National Assembly.
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