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S. Korean shares trade lower on foreign selling

All News 11:26 January 13, 2017

SEOUL, Jan. 13 (Yonhap) -- South Korean stocks traded lower late Friday morning as foreign investors turned to selling in an apparent move to cash in recent gains.

The benchmark Korea Composite Stock Price Index (KOSPI) lost 8.62 points, or 0.41 percent, to 2,078.52 as of 11:20 a.m.

The drop came one day after the index closed at 2,087.14, the highest since July 16, 2015.

Foreign investors apparently sought to cash in their gains, offloading a net 64.9 billion won (US$55.08 million) and ending their buying streak of 12 consecutive sessions since Dec. 27.

Retail investors were also net sellers, while institutions remained net buyers.

Large caps traded mixed.

Market bellwether Samsung Electronics lost 2.73 percent, one day after reaching a record high of 1,940,000 won.

Top automaker Hyundai Motor added 1.01 percent, while top portal operator Naver plunged 1.75 percent.

Cosmetics giant AmorePacific spiked 3.81 percent, while the country's No. 2 carmaker Kia Motors added 0.12 percent.

The local currency was trading at 1,177.30 won against the U.S. dollar, up 7.40 won from the previous session's close.

bdk@yna.co.kr
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