Seoul shares edged up on Wednesday helped by firm gains in shipbuilders such as Hyundai Heavy Industries Co Ltd, but falls in retailers and banks such as Shinhan Financial Group Co Ltd weighed. The Korea Composite Stock Price Index (KOSPI) ended up 0.48 percent at 1,823.88 points.
Foreign investors were buyers of a net 427.8 billion won ($368.9 million) worth of stocks, and institutions were sellers of a net 209.4 billion won. Retailers retreated following recent firm gains. Lotte Shopping Co Ltd, South Korea's largest retailer that operates discount and department stores, fell 2 percent.
Hyundai Homeshopping Network Corp lost 7.2 percent on its third day of market debut. Shinhan Financial Group fell 0.1 percent after South Korea's biggest financial services company by market value suspended Chief Executive Shin Sang-hoon while the judicial authorities investigated charges of embezzlement and breach of trust.
LG Electronics Inc, the world's No 3 mobile phone maker, rose 0.8 percent after the company said it aimed to sell 10 million of its first smartphone handset, Optimise One. The Optimus One would be distributed globally through some 120 carriers, as the company seeks to turn around the loss-making mobile unit, it said. Shipbuilders rallied. Hyundai Heavy Industries Co Ltd, the world's biggest shipbuilder, was up 2.5 percent and Daewoo Shipbuilding & Marine Engineering jumped 6.2 percent.
Hyundai Merchant Marine Co Ltd advanced 5 percent. Hynix Semiconductor Inc, the world's No 2 memory chipmaker, rose 2.7 percent, helped by a 1.7 percent gain in the US Philadelphia semiconductor index. Advancers outnumbered decliners 420 to 393 and 79 issues ended flat. Trading volume was 332.8 million shares worth 6.5 trillion won, compared with 378.3 million shares worth 6.7 trillion won in the previous session. The KOSPI 200 December futures index ended up 1.20 points at 239.00. The KOSPI 200 spot index gained 1.16 points to 237.14.
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