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Seoul stocks open lower on foreign, institutional selling

All Headlines 09:22 December 12, 2017

SEOUL, Dec. 12 (Yonhap) -- South Korean shares opened lower on Tuesday, as foreigners and institutions offloaded stocks on profit taking.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.60 points, or 0.19 percent, to 2,466.89 in the first 15 minutes of trading.

Foreigners and institutional investors sold a combined 52 billion won (US$478 million) worth of stocks, offsetting 52 billion won stock purchases by individuals.

Large-cap stocks fell across the board, with No. 2 chipmaker SK hynix Inc. falling 1.14 percent and top carmaker Hyundai Motor Co. declining 1.0 percent. Leading steelmaker POSCO was down 0.60 percent.

But market bellwether Samsung Electronics Co. gained 0.04 percent, keeping the main index from falling further.

The local currency was trading at 1,088.50 won against the U.S. dollar, up 3.80 won from the previous session's close.

kyongae.choi@yna.co.kr
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