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Seoul shares open lower on institutional selling

All News 09:36 July 02, 2018

SEOUL, July 2 (Yonhap) -- South Korean stocks opened lower Monday as institutional investors offloaded auto and steel stocks.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 0.25 point, or 0.01 percent, to 2,325.88 in the first 15 minutes of trading.

Institutional investors sold 35 billion won (US$31 million) worth of stocks. Foreigners and individuals bought a combined 27 billion won worth of stocks.

Auto and steel stocks were the lead losers, with POSCO shedding 2.28 percent and Hyundai Motor Co. declining 0.80 percent.

But market bellwether Samsung Electronics Co. rose 0.64 percent, keeping the main index from falling further.

The South Korean currency was trading at 1,115.40 won against the U.S. dollar, down 0.80 from the previous session's close.

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