Tue Jul 8, 2014

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(Reuters) – South Korean shares ended little changed on Tuesday, shrugging off weak earnings guidance from Samsung Electronics.

The Korea Composite Stock Price Index (KOSPI) closed up 0.1 percent at 2,006.66 points, after falling to as low as 1,997.87, the lowest intraday level since July 1.

Tech giant Samsung Electronics Co Ltd said its operating profit probably fell 24.5 percent during the second quarter to 7.2 trillion won ($7.12 billion), below the 8.3 trillion won forecast of Thomson Reuters poll.

Its shares, however, edged up 0.2 percent on short covering. The stock had suffered heavy selling in recent sessions on concerns about competition from cheaper, Chinese rivals.

The won eased for a third straight day against the dollar, extending losses near the market close as the finance minister nominee expressed concern over the currency’s rapid appreciation at a parliamentary verification hearing.

The currency was quoted at 1,011.9 versus the dollar at the end of onshore trade, down 0.1 percent from Monday’s domestic close at 1,010.5. ($1 = 1010.9000 South Korean Won) (Reporting by Jungmin Jang; Editing by Kim Coghill)


Source: http://in.reuters.com/article/2014/07/08/markets-southkorea-idINL4N0PJ0TO20140708