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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World Seoul shares rebound as shipyards rally Reuters - Saturday, February 19 Send IM Story Print * KOSPI bounces on renewed foreign buying * Shipyards spike on Daewoo order news SEOUL, Feb 18 - Seoul shares snapped a three-session losing streak on Friday, lifted by a rally in shipbuilders including Daewoo Shipbuilding <042660.KS> on order expectations. The Korea Composite Stock Price Index <.KS11> finished up 1.82 percent or 35.92 points at 2,013.14 points, nearing its 20-day moving average of 2,037.04 points after falling nearly 2 percent in the past three sessions. "The market recovered momentum today following the recent profit taking spree," said Hong Soon-pyo, a market analyst at Daishin Securities. The KOSPI has underperformed its regional peers in the past month, shedding 5.8 percent while the MSCI index of Asia-Pacific stocks outside of Japan <.MIAPJ0000PUS> slipped 2.95 percent. "The Seoul market was a vast outperformer last year compared to its neighbours, and as foreign investors cut their emerging Asia holdings, the market fell prey to particularly sharp profit-making moves," said Lee Jin-woo, a market analyst at Mirae Asset Securities. Foreign investors were buyers of a net 97.3 billion won worth of stocks, picking up shares for a second consecutive session, though they remained net sellers of 2.1 trillion won so far this year. Traders said investment vehicles known as "wrap accounts" were also partly responsible for the Seoul market's recent volatility. "Wrap accounts tend to move nimbly and make concentrated bets on particular issues or sectors at a time. This has caused some volatility in the market," said Hong Hyeon-ki, a senior fund manager at Dongbu Investment Management. Shipbuilders jumped after sharp falls on Thursday and following news Daewoo Shipbuilding & Marine Engineering had won a $2 billion order from A.P. Moeller-Maersk AS <MAERSKb.CO> to build 10 container ships. [ID:nTOE71H01X] The KRX shipbuilding subindex <.KRXSHIP> advanced 4.9 percent and shares in Daewoo Shipbuilding & Marine Engineering spiked 5.7 percent. Daewoo shares' trading volume stood at 2.7 million shares compared with daily average volume of around 2.2 million shares this week. Kiwoom Securities, a brokerage popular among retail investors, was both the top buyer and seller of Daewoo Shipbuilding shares, Korea Exchange data showed. "The sector's rally today was a natural reaction to prolonged underperformance. Shipbuilders' fundamentals, while improving, are not what one could say is strong," said Jun Yong-bum, an analyst at Solomon Investment & Securities. Shares in Daewoo Shipbuilding have lost around 6 percent so far this year, compared with the broader KOSPI's 1.85 percent fall. "Shipbuilders need much stronger order flows to recover to the levels seen during the good times in 2007," Jun said, adding that further meaningful gains were unlikely. Shares in Samsung Card <029780.KS> surged 5.1 percent after the Korea Student Aid Foundation said it planned to sell its 4.25 percent stake in Samsung Everland. Samsung Card owns 25.64 percent unlisted Samsung Everland, a key unit of Samsung Group [SAGR.UL]. "The stake sale will determine the value of Everland shares, and this will in turn be reflected in Samsung Card's shares," said Hwang Seok-kyu, an analyst at Kyobo Securities. The KOSPI 200 March futures <KSc1> index rose 4.05 points to 265.70 points. The KOSPI 200 spot index <.KS200> advanced 4.57 points to 265.80 points.The junior Kosdaq index <.KQ11> gained 1.46 percent to 518.55 points. Move on day +1.82 percent 12-month high 2,121.06 27 Jan 2011 12-month low 1,532.68 25 MAY 2010 Change on yr -1.85 percent All-time high 2,121.06 27 JAN 2011 All-time low 93.10 6 JAN 1981 Recommend Send IM Story Print Related Articles Developed market equities shine again-EPFR Reuters - 43 minutes ago Rosetta Stone sees Q4 below Street; shares fall Reuters - 43 minutes ago US-BUSINESS Summary Reuters - 44 minutes ago Flash crash panel calls for market overhaul Reuters - 44 minutes ago Czech CEZ puts off Temelin expansion deadline to 2025 Reuters - 46 minutes ago News Search Top Stories Wozniacki topples Clijsters to reclaim No. 1 spot Angry protests continue throughout the Middle East G20 finance chiefs meet on global imbalances Miner Anglo American 2010 profit nearly triples Thought-controlled bionic arm unveiled in US More Top Stories » ADVERTISEMENT Most Popular Most Viewed Only 'best will do' for Arsenal in Barca clash More Most Viewed » More Most Recommended » Elsewhere on Yahoo! 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