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Seoul shares turn lower on foreign, institutional selling

All News 11:29 July 05, 2018

SEOUL, July 5 (Yonhap) -- Seoul stocks turned lower late Thursday morning as foreign and institutional investors offloaded tech and other large-cap stocks. The won fell against the dollar.

The benchmark Korea Composite Stock Price Index fell 6.36 points, or 0.28 percent, to 2,259.10 as of 11:20 a.m.

Foreigners and institutions sold a combined 27.6 billion (US$25 million) worth of stocks, outpacing a net buying of 19.8 billion shares by individuals.

Investors remain cautious as planned U.S. rate hikes this year and escalating tensions over a possible trade war between the United States and China appear to be major uncertainties for exporters, analysts said.

Among lead decliners, market bellwether Samsung Electronics Co. fell 0.32 percent, top carmaker Hyundai Motor Co. shed 0.42 percent and cosmetics giant AmorePacific Corp. was down 3.03 percent.

But leading steelmaker POSCO rose 0.33 percent, and No. 1 refiner SK Innovation Co. climbed 1.61 percent.

The South Korean currency was trading at 1,120.10 won against the U.S. dollar as of 11:20 a.m., down 5.60 won from the previous session's close.

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