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Seoul shares shed earlier gains on institutional selling

All Headlines 11:48 July 04, 2018

SEOUL, July 4 (Yonhap) -- Seoul stocks trimmed earlier gains late Wednesday morning as institutional investors offloaded large-cap stocks. The won rose against the dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.64 point, or 0.03 percent, to 2,273.40 as of 11:20 a.m.

Institutions sold a net 107.27 billion won (US$96 million) worth of stocks, outpacing a combined buying of 96.64 billion won in shares by foreigners and retail investors.

Investors remain cautious as planned U.S. rate hikes this year and escalating tension over a trade dispute between the United States and China remain uncertainties for exporters, analysts said.

Market bellwether Samsung Electronics Co. rose 0.87 percent, but most large-cap stocks were trading in negative territory.

Among decliners, No. 2 chipmaker SK hynix Inc. fell 0.93 percent, top carmaker Hyundai Motor Co. shed 1.23 percent and cosmetics giant AmorePacific Corp. was down 2.75 percent.

The South Korean currency was trading at 1,116.20 won against the U.S. dollar as of 11:20 a.m., up 2.50 won from the previous session's close.
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