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Seoul stocks down 0.01 pct on foreign selling

All News 16:07 April 06, 2017

SEOUL, April 6 (Yonhap) -- South Korean stocks ended slightly lower Thursday as foreign investors and institutions sold off local stocks. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index shed 8.10 points, or 0.37 percent, to 2,152.75.

The broad index bucked overnight gains on Wall Street. The Dow Jones industrial average rose 0.19 percent, with the tech-heavy Nasdaq composite index climbing 0.07 percent.

Institutions remained net sellers of local stocks, selling more than 119 billion won (US$105 million), and foreigners sold a net 9.5 billion won worth of stocks.

Bae Sung-young, a market analyst at KB Securities Co., said foreigners offloaded South Korean stocks in line with stock correction in the U.S. He said a weaker won made foreign investors sell local stocks.

Most large-cap stocks were mixed across the board.

SK Telecom, the No. 1 mobile carrier in the country, gained 1.19 percent to 256,000 won, and Shinhan Financial Group was up 0.85 percent to 47,700 won.

Meanwhile, market bellwether Samsung Electronics fell 0.71 percent to 2,092,000 won, and the state-run utility firm Korea Electric Power Corp. was down 0.98 percent to 45,650 won.

The local currency closed at 1,133.20 won against the U.S. dollar, down 8.80 won from the previous session's close.


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