S. Korean stocks traded lower on foreign, institutional selling

SEOUL, April 1 (Yonhap) -- South Korean shares traded lower late Friday morning as tech, auto and other major issues lost ground amid foreign and institutional selling.

The benchmark Korea Composite Stock Price Index lost 11.08 points, or 0.56 percent, to 1,984.77 as of 11:20 a.m.

Foreigners remained a drag on the market, with their net sales coming to around 140 billion won (US$122.3 million). Institutions also turned net sellers as they locked in profits from recent gains.

Most large caps traded bearish.

Market bellwether Samsung Electronics fell 1.3 percent, while auto giant Hyundai Motor and car parts maker Hyundai Mobis shed 2.3 percent and 4 percent. No. 1 steel producer POSCO also lost 2 percent.

KB Financial was a marked gainer among blue chips. Its shares traded 1.26 percent higher after the company was earlier picked as the preferred bidder for a controlling stake in Hyundai Securities.

The local currency was trading at 1,148.45 won against the U.S. dollar, down 4.95 won from Thursday's close.

kokobj@yna.co.kr
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