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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 cut gains on tech sector weakness Reuters - 57 minutes ago Send IM Story Print * Foreign investors sell for third straight session * Tech issues hit by earnings worries * Woori, KEB rally on Hyundai E&C sale profit expectations By Jungyoun Park SEOUL, March 9 - Seoul shares slashed earlier gains to edge up 0.3 percent on Wednesday, weighed by falls in technology plays as sectoral earnings worries deepened and with energy price and inflation concerns keeping investors on edge. The Korea Composite Stock Price Index <.KS11> finished up 0.26 percent at 2,001.47 points. "The market gave up gains as worries about earnings, particularly Samsung Electronics and related firms, spread," said Lee Kyoung-su, a market analyst at Taurus Investment & Securities. "Investors decided to take a cautious approach with uncertainties such as rate meeting tomorrow lying ahead," Lee added. Foreign investors were sellers of a net 38.3 billion won worth of stocks, offloading shares for a third straight session. Futures buying was heavy as investors sought short-covering in KOSPI 200 futures ahead futures and options expiry on Thursday. Shares in Samsung Electronics <005930.KS> fell 1 percent, retreating for a third straight session and hitting a fresh three-month closing low. "Weakness in its LCD business and new products like the Galaxy Tab is seen hurting its first quarter earnings," said Kim Young-chan, an analyst at Shinhan Investment Corp. "But shares at the mid-800,000 won level offer attractive valuation and an opportunity to buy cheaply," Kim added. Samsung Electronic's 12-month forward price earnings multiple stood at 8.6, compared with its Japanese peer Sony's <6758.T> 19.4, Thomson Reuters Starmine data showed. Shares in Samsung Elec-Mech <009150.KS> tumbled 6.1 percent. Samsung Elec-Mech is seen posting 61.6 billion won in operating profit for the first quarter of this year, according to Thomson Reuters I/B/E/S, versus 119.1 billion won a year ago. KEPCO Engineering & Construction <052690.KS> rallied 5 percent after the company said it won an order worth 97 billion won from its parent firm KEPCO. Shares in banks outperformed on expectations for a rate hike at the Bank of Korea's monthly interest rate setting meeting. Positive earnings expectations helped further as reduced loan loss provisions were seen boosting margins, analysts said. Gains were led by shareholder banks of Hyundai Engineering & Construction <000720.KS> including Woori Finance Holdings <053000.KS>, as they are set to see profits from its sale in the second quarter, according to Lee Byung-gun, an analyst at Dongbu Securities. Hyundai E&C creditors-turned-shareholders have clinched a 4.96 trillion won deal to sell a controlling stake in the builder to a consortium led by top South Korean automaker Hyundai Motor, a major shareholder said late on Tuesday. [ID:nTOE727015] Shares in Woori Finance Holdings, which owns around 7.5 percent of Hyundai E&C, rose 3.5 percent. Korea Exchange Bank <004940.KS>, which controls around 8.7 percent, rallied 6 percent. Transporters bounced on crude oil prices' retreat. Shares in Korean Air Line <003490.KS> climbed 1 percent and Asiana Airlines <020560.KS> advanced 1.5 percent. The KOSPI 200 March futures <KSc1> index finished up 0.8 points at 264.20. The KOSPI 200 spot index <.KS200> rose 0.47 points to 263.8. The junior Kosdaq market <.KQ11> ended down 0.44 percent at 522.70. Move on day +0.26 percent 12-month high 2,121.06 27 Jan 2011 12-month low 1,532.68 25 May 2010 Change on yr -2.41 percent All-time high 2,121.06 27 Jan 2011 All-time low 93.10 6 JAN 1981 Send IM Story Print Related Articles China AgBank to issue 30 bn yuan in subordinate bond -sources Reuters - 25 minutes ago Swiss stocks - Factors to watch on March 9 Reuters - 31 minutes ago US-BUSINESS Summary Reuters - 34 minutes ago Dhanlaxmi Bank raises base rate by 50 bps Reuters - 37 minutes ago Nomura to curb commodities business, cut jobs Reuters - 39 minutes ago News Search Top Stories Cathay Pacific to buy, lease 27 new planes Oil, US stocks ease pressure on Asian markets Spider-Man comic nets US$1.1 million dollars Lack of sleep can make you overly optimistic: study Japan core machinery orders up 4.2% in January More Top Stories » ADVERTISEMENT Most Popular Most Viewed NASA scientists in row over 'alien microbes' Mass fish death in California harbor Lack of sleep can make you overly optimistic: study Oil prices ease as Saudi downplays supply fears Libya: live report More Most Viewed » More Most Recommended » Elsewhere on Yahoo! 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