Seoul shares edged up on Monday despite losses on Wall Street and poor U.S. job data, with STX Offshore & Shipbuilding soaring after reports STX Europe was planning a Singapore IPO.
The Korea Composite Stock Price Index (KOSPI) was up 0.24 percent at 1,675.90 points as of 0207 GMT.
"U.S. job data came out weak, but that was not wholly unexpected. Investors are shifting their focus to earnings with Samsung Electronics (005930.KS) scheduled to announce its guidance later this week," said Bae Sung-young, a market analyst at Hyundai Securities.
Foreign investors were sellers of a net 51.5 billion won ($41.92 million) worth of stocks, poised to offload shares for a fourth consecutive session.
Strong advances in shipyards lifted the market, with shares in STX Offshore & Shipbuilding, a unit of STX Group, jumping 7.8 percent 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 (042660.KS) won orders worth $300 million to build two oil carrier and two chemical product carriers. Shares in Daewoo Shipbuilding were up 3.23 percent and Hyundai Heavy Industries (009540.KS) rose 3.16 percent.
Steelmakers outperformed, buoyed by hopes new ship orders may increase demand for steel.
Shares in POSCO , the world's No.4 steelmaker, gained 2.04 percent and Hyundai Steel went up 2.41 percent.
But losses in banks dented the market's upward momentum.
The Korea Composite Stock Price Index (KOSPI) was up 0.24 percent at 1,675.90 points as of 0207 GMT.
"U.S. job data came out weak, but that was not wholly unexpected. Investors are shifting their focus to earnings with Samsung Electronics (005930.KS) scheduled to announce its guidance later this week," said Bae Sung-young, a market analyst at Hyundai Securities.
Foreign investors were sellers of a net 51.5 billion won ($41.92 million) worth of stocks, poised to offload shares for a fourth consecutive session.
Strong advances in shipyards lifted the market, with shares in STX Offshore & Shipbuilding, a unit of STX Group, jumping 7.8 percent 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 (042660.KS) won orders worth $300 million to build two oil carrier and two chemical product carriers. Shares in Daewoo Shipbuilding were up 3.23 percent and Hyundai Heavy Industries (009540.KS) rose 3.16 percent.
Steelmakers outperformed, buoyed by hopes new ship orders may increase demand for steel.
Shares in POSCO , the world's No.4 steelmaker, gained 2.04 percent and Hyundai Steel went up 2.41 percent.
But losses in banks dented the market's upward momentum.