KOSPI falls

Seoul shares fell back from a six-month high on Thursday as foreign investors turned net sellers for the first time in nine sessions, amid caution over euro zone leaders' growing mistrust toward Greek commitments to a rescue deal. "The main index is continually trying to get a solid foothold in 2,000-point territory. It's already half way in the door and ready to push through as soon as the issue of the Greek talks is out of the way," said Hyundai Securities analyst Oh on-su.
The Korea Composite Stock Price Index (KOSPI) ended down 1.38 percent from Wednesday's six-month high at 1,997.45, still above its 200-day moving average by a comfortable margin. The usually abundant foreign liquidity influx dried up on Thursday as offshore investors dumped a net 69.9 billion won ($62.3 million) worth of shares to snap an eight-day buying streak, while institutions offloaded a net 331.5 billion won. Growth-related sectors were hit hardest, with the shipbuilding sub-index down 3.86 percent and steelmakers declining 3.06 percent.
Hyundai Heavy Industries Co Ltd, the world's largest shipbuilder, tumbled 4.65 percent. POSCO, the world's No 3 steelmaker, dropped 2.4 percent. Trading was active, with 690.4 million shares changing hands in the main bourse. Declining shares outnumbered winners 550 to 290. The KOSPI 200 Index fell 1.5 percent, while the junior, tech-heavy KOSDAQ edged 0.48 percent lower.