Seoul shares finished modestly lower on Wednesday after sharp recent gains, but firm rises in LG Electronics and Hana Financial Group gave the market support. Data from the US Conference Board's index of consumer confidence, which in November jumped to its highest level since July, beat forecasts.
Foreign investors were buyers of a net 99.8 billion won worth of stocks, and institutions were buyers of a 67.4 net billion won, picking up shares for a fifth straight session. The Korea Composite Stock Price Index finished down 0.49 percent at 1,847.51 points. The KOSPI 200 index fell 0.54 percent, while the junior Kosdaq market advanced 0.02 percent.
Hana Financial Group advanced 3.1 percent after a report the price for its planned purchase of Korea Exchange Bank (KEB) from US fund Lone Star could be cut to around 4 trillion won from earlier estimates of around 4.4 trillion won. Technology issues continued to be lifted by positive US consumer sentiment data, with LG Electronics, the world's No 3 handset maker, rising 1.5 percent. Utility Korea Electric Power Corp (KEPCO) however fell 3.3 percent despite media reports the government may announce electricity tariff hike early next month.
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