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S. Korean stocks open lower on foreign selling

All News 09:27 April 01, 2016

SEOUL, April 1 (Yonhap) -- South Korean shares opened lower on Friday as large cap shares traded bearish amid continued foreign selling.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 5.37 points, or 0.27 percent, to 1,990.48 in the first 15 minutes of trading.

Foreigners remained a drag on the market with their net selling standing at over 60 billion won (US$52.4 million).

Major shares got off to a weak start. Market bellwether Samsung Elections started in negative territory, while auto giant Hyundai Motor and steel producer POSCO also lost ground.

KB Financial opened strong after it was earlier picked as the preferred bidder for a controlling stake in Hyundai Securities.

The local currency was trading at 1,144.8 won against the U.S. dollar, down 1.3 won from the previous day's close.


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