Seoul shares rangebound after recent gains, techs ease

SEOUL: Seoul shares were flat on Friday after sharp gains in the previous session, with investors wary ahead of a US jobs report and ongoing efforts in the euro zone to tackle the debt crisis.

"The market is quite okay. It's still pretty much sustaining yesterday's sharp gains," said Hyundai Securities market analyst Y.S. Rhoo. "If we see more meaningful steps towards debt resolutions in Europe, the index could easily rise to 1,950 by year-end."

Institutions were buyers of a net 127 billion won ($112.76 million) worth of stocks, poised to pick up shares for a seventh straight session, while foreign investors purchased a net 19 billion won, set to buy for a fourth consecutive session.

The Korea Composite Stock Price Index (KOSPI) was down 0.04 percent at 1,915.44 points as of 0213 GMT.

Himart Co Ltd jumped 6.8 percent after news that the top three shareholders of Himart, including Eugene Corp, would sell their stakes in the electronics retailer in a deal estimated at nearly 1 trillion won.

"Its shares have fallen a lot in the midst of a management conflict among top shareholders, and this decision comes as the final resolution," said KB Investment & Securities analyst Lee So-yong. "A retailer is likely to take over the company, and the new buyer may turn out to be better suited to run it than Eugene."

Technology plays eased, taking breather after the previous session's sharp gains.

LG Electronics Inc, the world's No.3 handset maker, fell 1.8 percent, and LG Display Co Ltd, the world's No.2 flat panel maker, shed 3.2 percent.

SK C&C Co Ltd fell 3.6 percent amid market talk that SK Group's chairman, who controls a 40.5 percent stake, would offer about 1.25 million shares in the IT services provider to raise about 160 billion won.

Crude oil refiners eased as crude prices fell in US and London trading. Lower crude oil prices tend to weaken product pricing.

SK Innovation, the country's No.1 crude oil refiner, declined 1.7 percent and S-Oil Corp shed 1.7 percent.

Firm gains in insurers gave market support. Samsung Fire & Marine Insurance Co Ltd advanced 2.5 percent and Hyundai Marine & Fire Insurance Co Ltd rose 1.6 percent.