Seoul shares post all-time high

Seoul shares rose 0.3 percent and ended at an all-time closing high on Wednesday, lifted by firm gains in memory chip makers such as Samsung Electronics and crude refiners including SK Energy Co Ltd. The Korea Composite Stock Price Index (KOSPI) ended up 0.32 percent at 2,094.95 points. The KOSPI 200 March futures index rose 0.5 points to 276.50 points.
The KOSPI 200 spot index gained 1.07 points to 276.17. The junior Kosdaq index gained 0.33 percent to 535.43. "The market is up slightly, but is losing steam. Uncertainties such as euro zone debt problems and signs of inflation in emerging economies are denting sentiment," said Shinyoung Securities market analyst Lim Tae-keun.
"The market may shortly undergo a correction, especially given its recent rally." Memory chip issues posted firm gains, helped by a 1.4 percent gain in the US Philadelphia Semiconductor Index. Samsung Electronics Co Ltd, the world's No 1 memory chip maker, rose 1.9 percent. Hynix Semiconductor Inc, the world's No 2, advanced 3.7 percent.
Insurers took a breather after recent gains, with Samsung Life down 3.2 percent and Korea Life Insurance off 3.7 percent. "They are ripe for profit-locking moves following the latest rises. Fundamentally, there are no real negatives," said Kyobo Securities analyst Park Jong-gil. Samsung Life has risen 6.3 percent so far this year, and Korea Life 4.5 percent, compared with the KOSPI's 1.8 percent gain.
Shares in KB Financial Group fell 0.9 percent after the banking group forecast a lower-than-expected net profit for 2010, dented by additional provisions against an early retirement programme for more than 3,000 staff in its largest-ever job cut exercise. Crude oil refiners rose after US oil prices jumped 2 percent to top $91 per barrel, pointing to firmer pricing of crude oil products. SK Energy, the country's top crude oil refiner, rose 4 percent and S-Oil Corp advanced 1.07 percent.
Seafood processors rallied as the rapid spread of foot-and-mouth disease and avian influenza pointed to a jump in seafood consumption. South Korea has raised its bird flu alert level after detecting H5N1 avian influenza virus at poultry farms in four provinces. Sajo Oyang and Dongwon Fisheries Co Ltd jumped by the daily 15 percent limit.