Technology Loses Its Luster As Overseas Interests Sell

Foreign investors in Seoul stocks are fleeing from technology shares, which are especially vulnerable to a global business slowdown, but are searching for safe havens in traditional blue chips, analysts said Friday.

"Foreigners began purchasing traditional shares in December," an analyst at SK Securities said.

Foreign investors unloaded 100,000 shares of Samsung Electronics on the main stock exchange Friday, selling off the semiconductor firm's stocks for the sixth consecutive trading day. Samsung shed 6,500 won, or 3.48 percent, to close at 180,500 won. Foreigners collectively had a 55.8-percent stake in the memory chip maker on Friday, down one percentage point from Feb. 22.

Hyundai Electronics Industries has also been battered by foreign investors since Feb. 9. Foreign stakes in the firm plunged to 27 percent on Friday from 34 percent on Feb. 9.

Pohang Iron & Steel Co. has been in favor for 15 days; the foreign stake has risen to 55 percent. Korea Electric Power Corp., Inchon Iron & Steel, Hanwha Chemical and financial stocks such as Kookmin Bank were also popular. Analysts said the move mirrors that taking place on Wall Street.

by Moon So-young