SEOUL, Apr 23: Seoul shares slipped on Tuesday morning, with the index widening losses after data showed growth in China’s factory sector dipped in April.
The Korea Composite Stock Price Index (KOSPI) ticked 0.6 percent lower to 1,913.86 points as of 0225 GMT, after gaining by the most in a month in the previous session.
‘The outlook for the current quarter is not bright, and earnings are weighing on share prices,’ said Kim Young-joon, an analyst at SK Securities.
‘While techs are seen recovering later this year, thanks to U.S. Demand, industrials will continue to struggle as China’s growth slows.’
The flash HSBC Purchasing Managers’ Index for April fell from March, suggesting the world’s second-largest economy still faces formidable global headwinds into the second quarter.
The tech sub-index led the index’s losses, falling 0.9 percent after Monday’s 1.8 percent gain. Heavyweight Samsung Electronics edged 1.1 percent lower.
Industrials such as utilities, steel and chemicals were also lagging.
However, snack-maker Ottogi bucked the trend, rising 2.2 percent to a lifetime high. Shares have gained about 20 percent since a local brokerage raised its target price last week, citing improving earnings.
KOSDAQ-heavyweight Celltrion was up 8 percent, the first gain in five sessions since its founder said he would look for a buyer. The biotech firm had lost nearly half of its value by the close of Monday’s trade.
Overall, 386 shares advanced while 372 declined.
Foreigners were net selling KOSPI shares for the ninth day, weighing on the main board.
The KOSPI 200 benchmark of core stocks was down 0.8 percent, while the junior KOSDAQ edged 0.9 percent lower. (AGENCIES)
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