0226 GMT [Dow Jones] The Kospi trims earlier gains, and is now flat at
1854.52 in choppy trade, as Samsung Electronics (005930.SE) extends
its losses on concerns for potentially disappointing 2Q operating
profit guidance due later this week, analysts say. Moreover,
"investors cheered EU leaders' progress with regards to the region's
debt crisis, but are concerned that it will take some time for the
problems to be fully tackled," says Bae Sung-young, an analyst at
Hyundai Securities. Samsung Electronics falls 2.1% to KRW1,176,000,
offsetting gains in shipbuilders and chemical stocks. Shipbuilding and
chemical stocks are higher, helped by easing European woes; Samsung
Heavy Industries (010140.SE) jumps 3.5% to KRW38,600 and Kumho Petro
Chemical (011780.SE) is up 4.6% at KRW125,500. Foreigners are net
buyers of KRW43 billion ($38 million) worth of local stocks. He tips
1865 as immediate resistance for the session.
(kyong-ae.choi@dowjones.com)
Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com
(END) Dow Jones Newswires
July 01, 2012 22:26 ET (02:26 GMT)
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