Seoul shares finished up 0.2 percent on Wednesday but rises were capped by pervading caution on Europe and falls in technology stocks like Hynix Semiconductor and LG Display. The KOSPI's 120-day moving average is around 1,950 points. Foreign investors were sellers of a net 18.8 billion won ($16.8 million) worth of stocks, snapping three consecutive sessions of buying.
The Korea Composite Stock Price Index ended up 0.23 percent or 4.39 points at 1,907.53. The KOSPI 200 index ended up 0.37 percent at 249.23, while the junior Kosdaq market climbed 0.45 percent to 509.41. Hynix Semiconductor tumbled 4.1 percent amid concerns SK Telecom Co Ltd's bid for the world's No 2 memory chip maker may be jeopardised amid an ongoing investigation by prosecutors into SK Group.
SK Telecom is the sole bidder for the Hynix stake being offered by its shareholders. The wireless carrier was now more "cautious" on the Hynix bid, an SK Group spokesman told Reuters on Wednesday. SK Group is SK Telecom's parent firm. Song added that Hynix was also hurt as falls in key DRAM chip prices triggered fears about the memory chip market outlook.
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