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Seoul shares closed lower for the first time in two weeks on Thursday, losing 0.5 percent, led by chip makers such as Hynix after Morgan Stanley's outlook on Intel and rival Micron Technology's loss underlined earnings concerns.
But expectations of further construction projects in North Korea after leaders of the two Koreas agreed on several economic co-operation schemes buoyed some builders including Hyundai Engineering & Construction.
Brokerages also rallied as analysts said investors were regaining confidence in equities after global markets rode out the credit squeeze to set fresh highs, adding that Seoul stocks could stabilise above 2,000 points unless there is another sharp twist in the credit crisis.
"I think we had a brief correction today after a sharp recent rally, and investor jitters over the subprime issue are beginning to wane," said Jason Hwang, strategist at Woori Investment & Securities.
The benchmark Korea Composite Stock Price Index (KOSPI) ended down 0.52 percent to 2,003.60 points, retreating from Tuesday's record closing high. South Korean financial markets were closed on Wednesday for a holiday.
Samsung Electronics fell 2.42 percent to 565,000 won while Hynix slid 4.19 percent to 29,700 won. But POSCO Co Ltd, the world's fourth-largest steel maker, dropped 8.5 percent to 700,000 won, giving up part of its 26 gain in the past seven sessions, a rally driven by strong steel prices. Foreign investors sold a net 332.2 billion won ($363.7 million) worth of shares on the main board. But retail investors bought a net 253 billion won worth of shares and institutional investors bought a net 45.6 billion won.
Trade volume reached 458 million shares worth 8.2 trillion won compared to 473.9 million shares worth 8.24 trillion won on Tuesday. Decliners beat gainers by 460 to 336 with 69 titles ending flat. The December KOSPI 200 futures index lost 1.05 points to 258.35, and the underlying KOSPI 200 spot index shed 1.88 points to 254.92. The junior and tech-heavy Kosdaq market rose 0.54 percent to finish at 814.72.

Copyright Reuters, 2007

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