Posted on 27 August 2012.
* Samsung Elec closes down 7.5 pct, related group shares
* Main board avoids bigger dip by S.Korea upgrade by Moody's
* Other large tech shares rise; LG Display up 4.2 pct
By Joyce Lee
SEOUL, Aug 27 (Reuters) - Seoul stocks edged down slightly
on Monday as Samsung shares slumped after a U.S. court ruled
against Samsung Electronics in a smartphone patent
lawsuit by Apple.
The slump offset news that rating agency Moody's upgraded
South Korea's credit rating to match those of China and Japan.
The Korea Composite Stock Price Index (KOSPI) ended
down 0.1 percent to close at 1,917.87 points, after entering
positive territory twice during trading.
Market heavyweight Samsung Electronics weighed, closing down
7.45 at end of trade as investors shed shares after Apple scored
a sweeping legal victory in a U.S. patent lawsuit last Friday.
The day's movement wiped some $12 billion from Samsung
Electronics' market capitalization in a single session, for its
lowest closing since Oct. 2008.
Other group companies that owned Samsung Elec shares or were
included in Samsung's smartphone manufacturing value chain were
also hit, including Samsung Electro-Mechanics Co
down 6.4 percent.
However, the main board avoided a larger drop as Moody's
upgraded South Korea's government bond to A1 from Aa3 on Monday,
citing strong fiscal fundamentals, economic resilience and
reduced external vulnerability of the banking sector.
"There was steady buying from foreign investors despite
Samsung Group shares weighing in the wake of Samsung's legal
loss," said Kwak Joong-bo, an analyst at Samsung Securities.
Foreign investors net bought 350.8 billion won ($309
million) in shares while institutional and retail investors net
sold 116.6 and 199.5 billion won respectively.
Some large tech shares outside Samsung Group saw gains, with
LG Display climbing 4.26 percent while LG
Electronics rose 2.83 percent.
Hanwha Corp saw a modest 0.8 percent gain after
it signed a contract to acquire insolvent German solar group
The KOSPI 200 index of core stocks edged down 0.38
percent while the junior, tech-heavy KOSDAQ slid 0.74
Move on day -0.1 percent
12-month high 2,049.28 3 April 2012
12-month low 1,644.11 26 Sept 2011
Change on yr +5.05 percent
All-time high 2,231.47 27 April 2011
All-time low 93.10 6 January 1981