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S. Korean stocks end lower on institutional selling

All News 16:04 July 04, 2018

SEOUL, July 4 (Yonhap) -- South Korean stocks lost ground Wednesday as institutional investors offloaded large-cap stocks amid lingering concerns of a trade war between the U.S. and China. The won rose against the dollar.

The benchmark Korea Composite Stock Price Index lost 7.30 points, or 0.32 percent, to 2,265.46.

Institutions sold a net 153.2 billion won (US$137 million) worth of stocks. Foreigners and retail investors purchased a net 1 billion won and 129 billion won worth of local stocks, respectively, keeping the index from falling further.

"Investors are wary of this week's imposition of tariffs on American and Chinese products by Beijing and Washington, respectively" said Han Ji-young, an analyst at Cape Investment & Securities.

Large-cap stocks saw mixed trade across the board.

Market bellwether Samsung Electronics Co. rose 0.22 percent to 46,250 won, and South Korea's No. 1 online portal operator Naver went up 2.81 percent to 768,000 won.

Among decliners, No. 2 chipmaker SK hynix Inc. fell 1.28 percent to 85,000 won, and top carmaker Hyundai Motor Co. shed 2.05 percent to 119,500 won.

The local currency closed at 1,114.50 won against the U.S. dollar, up 4.20 won from the previous session's close.


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