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Seoul shares edge up; securities firms weigh
Reuters - Thursday, March 4
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* Foreign buying set to continue for a third session
* Automakers, shipyards lend support
By Jungyoun Park
SEOUL, March 4 - Seoul shares rose slightly on Thursday helped by gains in shipbuilders such as Daewoo Shipbuilding <042660.KS>, while automakers including Hyundai Motor <005380.KS> continued to outperform.
But declines in securities firms such as Woori Investment & Securities <005940.KS> weighed.
The Korea Composite Stock Price Index <.KS11> was up 0.10 percent at 1,624.11 points as of 0142 GMT.
"The market lacks clear direction as recent economic data has been mixed, as is the earnings outlook for this year," said Kim Yong-kyun, a market analyst at Daishin Securities.
Foreign investors were buyers of a net 99.7 billion won worth of shares, poised to pick up stocks for a third session, while institutions purchased 55 billion won worth.
Strong rises in shipbuilders helped the market after the Baltic Dry Index <.BADI>, which tracks the cost of shipping key commodities, posted a firm 4.26 percent gain.
Samsung Heavy Industries <010140.KS> advanced 1.02 percent and STX Offshore & Shipbuilding <067250.KS> rose 1.27 percent.
Automakers including Hyundai Motor and Kia Motors <000270.KS> continued to outperform after they posted firm rises in the previous session on the back of strong February sales data.
Shares in Hyundai Motor, South Korea's top automaker, were up 0.87 percent and Kia Motors climbed 0.45 percent.
But securities firms declimed amid concerns about weak trading turnover.
"Turnover has been on the decline since January, and this is dampening appetite for securities firms as they're still heavily reliant on income from broking," said Park Jin-hyoeng, an analyst at IBK Securities.
Daily average turnover fell to 3.75 trillion won so far in March, compared to 6.1 trillion won in January, Korea Exchange data showed.
Shares in Daewoo Securities <006800.KS> were down 1.53 percent and Woori Investment & Securities <005940.KS> retreated 0.98 percent.
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