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Seoul stocks close lower on heavy foreign, institutional selling

All News 16:04 August 10, 2018

SEOUL, Aug. 10 (Yonhap) -- South Korean stocks closed lower on Friday as foreign and institutional buyers went on a heavy selling spree targeting large-cap tech shares amid a strong U.S. dollar, analysts here said. The South Korean won dropped against the greenback.

The benchmark Korea Composite Stock Price Index (KOSPI) surrendered 20.92 points, or 0.91 percent, to close at 2,282.79. Trading volume was moderate at 279.6 million shares worth 6.1 trillion won (US$5.5 billion), with losers outnumbering gainers 418 to 389.

Foreigners and institutions offloaded a net 180 billion won and 87.1 billion won worth of shares on the main exchange, respectively, while individual investors scooped up a net 149.2 billion won.

"It is highly possible that the local stock market will slow down in the face of a strong U.S. dollar and the overall slump of the U.S. semiconductor sector," said Hong Choon-wook, an analyst at Kiwoom Securities.

Most large-cap shares ended lower, with the tech stocks pulling down the KOSPI.

Top cap Samsung Electronics lost 3.2 percent to end at 45,400 won to snap a five-day winning spree. Its smaller rival, LG Electronics, shed 1.74 percent to 79,000 won. Chipmaker SK hynix was down 3.72 percent to 75,100 won.

Shares of biopharmaceutical companies ended mixed, with Samsung BioLogics, a biopharmaceutical affiliate of Samsung Group, adding 0.87 percent to end at 464,000 won to continue a seven-day winning streak, while Celltrion was down 1.45 percent at 272,000 won.

Hyundai Motor, the country's No. 1 carmaker remained unchanged at 126,000 won. Its sister company, Kia Motors, was up 0.62 percent to 32,250 won, as Hyundai Mobis, the country's top auto parts manufacturer, moved down 0.64 percent to 231,500 won.

The South Korean currency closed at 1,128.9 won against the U.S. dollar, down 11.7 won from the previous trading session.

Seoul stocks close lower on heavy foreign, institutional selling - 1


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