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Seoul shares extend losses on institutional selling

All News 11:44 July 02, 2018

SEOUL, July 2 (Yonhap) -- South Korean stocks extended their losses late Monday morning as institutional investors increased their selling of steel and auto stocks.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 14.21 points, or 0.61 percent, to 2,311.92 as of 11:20 a.m.

Planned U.S. rate hikes this year and an escalating trade dispute between the United States and China are weighing on the main index, particularly major exporters, Eugene Investment & Securities said.

Institutional investors dumped 140 billion won (US$125 million) worth of stocks, while foreigners and individuals bought a combined 109 billion won in shares.

Steel and auto stocks were the lead decliners, with top steelmaker POSCO falling 3.50 percent and top carmaker Hyundai Motor Co. declining 1.20 percent. Dominant auto parts maker Hyundai Mobis Co. fell 1.18 percent and No. 1 refiner SK Innovation Co. shed 4.95 percent.

But market bellwether Samsung Electronics Co. rose 0.11 percent, keeping the KOSPI from falling further.

The South Korean currency was trading at 1,116.20 won against the U.S. dollar as of 11:20 a.m., down 1.70 won from the previous session's close.

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