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Seoul stocks slip on foreign sell-offs

All News 15:49 February 08, 2017

SEOUL, Feb. 8 (Yonhap) -- South Korean stocks fell Wednesday, hampered by sell-offs by foreign investors amid a sharp decline in oil prices. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) declined 10.13 points, or 0.49 percent, to close at 2,065.08. Trade volume was moderate at 263 million shares worth 4.2 trillion won (US$3.67 billion), with losers outnumbering gainers 500 to 310.

Foreign investors were net sellers of local stocks for a second consecutive session.

The sentiment of investors was also subdued by political worries in the United States and Europe.

"The local stock market is unlikely to show flexible movements for the time being, due to the uncertainties surrounding U.S. policies and political chaos in Europe," said Kim Sung-hwan, an analyst at Bookook Securities.

Samsung Electronics fell 1.98 percent to end at 1,920,000 won, while SK hynix, a global chipmaker, rose 2.44 percent to 54,600 won.

Naver, the operator of the country's top Internet portal, shed 0.62 percent to 795,000 won.

Hyundai Motor remained flat at 54,600 won, while its smaller affiliate Kia Motors rose 0.41 percent to 36,800 won.

The local currency closed at 1,147.20 won against the U.S. dollar, down 2.9 won from the previous session's close.

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