Seoul shares slipped on Friday, weighed down by declines in auto issues including Kia Motors, but Samsung Electronics lent support as its shares posted a record closing high despite weaker quarterly earnings. The Korea Composite Stock Price Index (KOSPI) finished down 0.34 percent at 2,107.87 points.
"The market was taking it easy today following recent gains that have lifted the index to its new heights," said Chung Seung-jae, a market analyst at Mirae Asset Securities. "As the main index approaches 2,200 points, it faces resistance, which is a natural re-rating process," Chung added.
Foreign investors were sellers of a net 171.7 billion won ($154.1 million) worth of stocks, snapping a three-session buying streak. Shares in Samsung Electronics, the world's No 1 memory chip maker, rose 1.6 percent and posted a record closing high of 1,010,000 won despite reporting its weakest profit in six quarters.
"The rebound will start as early as in the first quarter this year, catapulted by a robust recovery in the memory chip sector and pricing," said Shin Jin-ho, head of equity at Midas Asset Management. Shares in Hyundai Motor, the country's No 1 automaker, lost 4.1 percent. Shares in STX Pan Ocean lost 1.8 percent and Hyundai Merchant Marine shed 2.4 percent. The KOSPI 200 March futures index fell 0.6 points to 278.80 points. The KOSPI 200 spot index lost 0.75 points to 278.45. The junior Kosdaq index went down 0.22 percent to 527.46.
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