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Seoul shares narrow losses as institutions turn buyers

All News 11:35 July 06, 2018

SEOUL, July 6 (Yonhap) -- Seoul stocks narrowed earlier losses late Friday morning as institutional investors bought up shares, offsetting net selling by foreigners and individuals. The South Korean won fell against the dollar.

The benchmark Korea Composite Stock Price Index was down 4.60 points, or 0.20 percent, from the previous session's close and stood at 2,252.95 as of 11:20 a.m.

Institutions bought a net 70.8 billion won (US$63 million) worth of stocks, offsetting, to some extent, the net selling of 85 billion won worth of shares by foreigners and individuals.

The main index is likely to move in a tight range in Friday's session as investors remain cautious due to planned U.S. rate hikes this year and escalating tensions over a possible trade war between the United States and China.

Auto and steel stocks were lead gainers, with top carmaker Hyundai Motor Co. rising 2.06 percent and leading steelmaker POSCO climbing 0.97 percent.

But market bellwether Samsung Electronics Co. backtracked 2.07 percent and No. 2 chipmaker SK hynix Inc. declined 1.97 percent.

The South Korean currency was trading at 1,119.50 won against the U.S. dollar as of 11:20 a.m., down 0.90 won from the previous session's close.

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