(Updates to mid-morning)
SEOUL, Oct 30 (Reuters) - Seoul stocks fell 0.4 percent on
Tuesday, as investors dumped recent outperformers such as tech
shares a day after the index hit a record peak, while Kookmin
Bank fell after giving a bearish 2008 earnings outlook.
Fuel cost-sensitive stocks such as power provider Korea
Electric Power Corp <015760.KS> fell as oil prices continued to
break records, though broader falls were limited on expectations
the U.S. Federal Reserve will cut key lending rates this week.
"Despite the stock market's continued strong performance in
the past three days, it is only edging down a bit thanks to
growing bets on a Fed rate cut this week," said Hwang Geum-dan,
an analyst at Samsung Securities.
The benchmark Korea Composite Stock Price Index (KOSPI)
<.KS11> was down 0.38 percent to 2,055.11 points by 0113 GMT,
retreating from an all-time high of 2,070.86 hit in the previous
session.
Top South Korean lender Kookmin Bank <060000.KS> fell 3.23
percent to 75,000 won. It posted a bigger-than-expected rise in
quarterly profit at the close on Monday, but forecast a tough
year ahead and a squeeze on margins. [ID:nSEO140271]
Technology titles such as Samsung Electronics Co Ltd
<005930.KS> gave up part of their strong recent gains, which had
been backed partly by expectations of lower U.S. interest rates.
Samsung, the world's top memory chip maker, fell 0.55 percent
to 542,000 won, after rising 7.5 percent in the past two
sessions. Hynix Semiconductor Inc <000660.KS> slid 3.75 percent
to 24,400 won, after a gain of 10 percent in the past two
sessions.
Korea Electric Power Corp slipped 0.75 percent to 39,900 won
hit by high oil prices, but Korean Air <003490.KS> was 0.63
percent higher at 79,500 won ahead of its quarterly results
announcement, due later on Tuesday.
Asiana Airlines Inc <020560.KQ> lost 1.51 percent to 9,770
won.
((Reporting by Kim Soyoung, editing by Keiron Henderson;
[email protected]; Reuters Messaging:
[email protected];+82-2-3704-5643))
Keywords: MARKETS KOREA STOCKS