Seoul shares end 0.21 pct higher

Seoul shares edged up on Monday,snapping a four-session losing streak.

Seoul shares edged up on Monday,snapping a four-session losing streak with gains led by shipyards and steelmakers such as STX Offshore amp; Shipbuilding and POSCO.

The Korea Composite Stock Price Index finished up 0.21 per cent at 1,675.37 points.

8220;The market is making a technical rebound after recent losses,and as investors nurture positive hopes about second quarter earnings ahead of Samsung Electronics8217; guidance later this week,8221; said Lee Jin-woo,a market analyst at Mirae Asset Securities.

8220;US job data came out poorly,but it was largely in line of expectations 8212; though growing concerns about economies suffering a double dip are worrying,8221; Lee added.

Foreign investors were sellers of a net 60 billion won 48.83 million worth of stocks,offloading shares for a fourth consecutive session.

Strong advances in shipyards lifted the market,with shares in STX Offshore amp; Shipbuilding,a unit of STX Group,jumping 9.13 per cent after a local media report STX Group planned to list its European unit in Singapore in October to raise as much as 570 million.

The sector was also encouraged by news Daewoo Shipbuilding and Marine Engineering won orders worth 300 million to build two oil carrier and two chemical product carriers.

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8220;The latest flow of orders8230;is fueling hopes among investors that the industry is headed for a pickup,8221; said Joey Lee,an analyst at Shinhan Investment Corporation.

Taiwan8217;s Evergreen Group said late on Friday it had ordered 10 new ships from Samsung Heavy Industries.

8220;However we think it is too early to be overly optimistic about the sector,8221; Lee added.

Shares in Daewoo Shipbuilding ended up 1.61 per cent and Samsung Heavy advanced 2.55 per cent.

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Steelmakers outperformed,buoyed by hopes new ship orders may increase demand for steel.

Shares in POSCO,the world8217;s No.4 steelmaker,gained 3.64 per cent and Hyundai Steel went up 2.52 per cent.

Hyundai Department Store jumped 3.98 per cent amid strengthening earnings hopes.

8220;Hyundai is benefiting from the latest fundamental changes in consumers8217; shopping patterns. Their preference for higher-end good are growing,while they are turning to online retailers for things that can be bought more cheaply,8221; said Han Sang-hwa,an analyst at Tong Yang Securities.

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But losses in banks dented the market8217;s upward momentum.

Shares in KB Financial Group fell 0.53 per cent and Woori Finance Holdings shed 1.04 per cent.