Seoul shares finished flat on Friday following seven straight sessions of gains despite positive US jobs and retail data, pressured by profit-taking. Shares in SK Telecom, South Korea's top mobile carrier, dove 3.24 percent to a nearly eight-year low on concerns about its possible bid for a controlling stake in chipmaker Hynix Semiconductor.
Hynix gained 0.76 percent on SK Telecom's interest. SK Telecom said after the closing bell that it had submitted a preliminary bid for an estimated $2.3 billion stake in Hynix. The Korea Composite Stock Price Index (KOSPI) ended down 0.01 percent to 2,180.35 points.
Foreign investors were buyers of a net 266.8 billion won ($250.8 million) worth of stocks, extending buying to eight straight sessions. "Should the data turn out to be better than expected, investors will increasingly bet on the US economic recovery, which should lead to a summer rally," said Oh Hyun-seok, an analyst at Samsung Securities. SK Innovation climbed 2.14 percent, while GS Holdings Corp jumped 4.77 percent and S-Oil was up 2.34 percent.
Tech counters were mixed after falling in the previous session. Samsung Electronics rebounded 0.57 percent, while LG Electronics eased 0.6 percent. Samsung Elec forecast a 26 percent fall in second-quarter profit on Thursday, clouding the outlook for the sector bracing for its earnings sseason late this month.
KB Financial Group rose as much as 3.6 percent before ending 0.93 percent higher after unit Kookmin Bank said on Friday that it had sold a 9 percent stake worth $1.7 billion in its parent group within the offered price range. But Shinhan Financial Group lost 2.88 percent, after state-run Korea Deposit Insurance Corporation (KDIC) said it sold 148.6 billion won worth of stocks in the group. KOSPI 200 September futures ended up 0.35 points at 288.25 points and the KOSPI 200 spot index fell 0.02 points to 286.05. The junior Kosdaq market ended up 0.26 percent at 496.82.
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