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Seoul: Shares close higher, foreigners sell for 16th day; won flat

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Seoul shares reversed early losses to close at a three-week high on Thursday as recently undervalued shares extended gains, while foreigners continuously offloaded local stocks.

[SEOUL] Seoul shares closed higher on Thursday on bargain hunting following rallies in Wall Street and a rebound for Chinese stock markets, though foreigners continued to offload domestic shares.

The Korea Composite Stock Price Index (KOSPI) ended up 0.7 per cent to 1,908.0 points, rising for a third consecutive session.

Offshore investors were net sellers for a 16th consecutive session, the longest such streak since May 2012. During the streak, they have offloading a net 4.116 trillion won (S$4.87 billion) of shares on the main board.

The won cut gains and closed local trade nearly flat standing at 1,185.2, weighed down by persistent foreign selling in domestic stocks. On Wednesday, it closed 1,186.0.

REUTERS

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