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Samsung Life became the fourth-biggest company on the Korea Exchange with a market capitalization of 22.8 trillion won, ranking behind Samsung Electronics, steelmaker Posco and Hyundai Motor Co., according to the exchange. The company's inability to hold on to early gains came as foreign investors were net sellers of the stock to the tune of 454 billion won, according to the exchange. Retail and institutional investors were net buyers. Kim Joong-hyun, a strategist at Shinhan Investment Corp., said that "some foreign investors who are very nervous" about European financial turmoil sold shares. South Korea's benchmark Kospi stock index, meanwhile, declined 0.4 percent to close at 1,663.03. Samsung Life released earnings Wednesday for the year ending March 31, saying net profit surged eightfold to 906.1 billion won from the year before on higher investment returns and sales. Revenue rose 1.6 percent to 25.7 trillion won.
[Associated
Press;
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