GO
Loading...

Seoul shares edge up on upbeat U.S. jobs, reverse weekly loss

* KOSPI reverses a week-long slide

* Samsung Elec down after initial rise on U.S. court ruling

* Woongjin Holding hits limit down after trade resumes

SEOUL, Oct 12 (Reuters) - Seoul shares ticked up on Friday morning on signs of improving conditions in the U.S. job market and signs of some progress toward a resolution of the euro zone's debt troubles.

The Korea Composite Stock Price Index (KOSPI) edged up 0.1 percent to 1,935 points as of 0201 GMT, reversing a week of straight losses.

This was in line with regional peers, with the index of Asia Pacific shares outside Japan up 0.4 percent.

"The index will continue to vacillate, gaining on unexpectedly good news from the U.S. and Europe, but losing on concerns about China and earnings," said Kim Young-joon, an analyst at SK Securities.

Kim said that the U.S. jobless benefit data and the sale of Italian bonds on Thursday sent encouraging signals, temporarily buoying investor sentiment. However, he stressed this may be fleeting as earnings of local companies will likely be affected by slowing Chinese demand.

Shares of food and beverage companies led gains, followed by consumer staples and leisure.

Shares in Samsung Electronics were trading 0.8 percent lower, after initially rising following a U.S. court decision to overturn a sales ban on its Galaxy Nexus smartphone in its ongoing patent battle with Apple Inc.

Woongjin Holdings fell by the permissible daily limit of 15 pct on its first day after it resumed trading. A court decided on Thursday to protect the firm and its cash-strapped construction unit from bankruptcy.

Foreign investors sold 94 billion won ($84.36 million) worth of shares near the mid-session, but this was offset by local retail investors.

Winning shares outnumbered losers 421 to 344.

The KOSPI 200 benchmark of core stocks was flat, while the junior KOSDAQ edged 0.6 percent higher.

($1 = 1114.3000 Korean won) (Reporting By Somang Yang)

((somang.yang@thomsonreuters.com)(+82 2 3704 5643)(Reuters Messaging: somang.yang.thomsonreuters.com@reuters.net))

Keywords: MARKETS KOREA STOCKS/