Seoul shares edged up on Friday as investor sentiment was buoyed by an agreement on Europe's debt crisis, but falls in technology and defensive stocks including LG Electronics and SK Telecom dented upside momentum. Analysts cautioned against excessive optimism on the latest developments in Europe.
"A European agreement had widely been expected, and the market reflected it somewhat during its rally in the previous session, so some investors opted to take profits," said Lee Jin-woo, a market analyst at Mirae Asset Securities. Foreign investors were buyers of a net 480 billion won ($430.4 million) worth of shares, purchasing stocks for a second straight session, but retail investors were sellers of a net 668 billion won, selling for a fifth consecutive session.
The Korea Composite Stock Price Index (KOSPI) ended up 0.39 percent at 1,929.48 points. Samsung Electronics gained 2.3 percent after its third quarter results showed it surpassed Apple Inc as the world's top smartphone maker with more than 40 percent shipment growth. It also forecast strong sales in the fourth quarter. Technology issues took a breather following recent solid gains, with LG Electronics ending down 2.5 percent after two winning sessions.The KOSPI 200 index ended up 0.51 percent at 252.47 points and the junior Kosdaq market slipped 1.3 percent to 490.59 points.
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