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Seoul: Shares end flat as institutional buying helps sentiment; won up

Monday, January 18, 2016 - 14:23
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South Korean shares reversed sharp early declines to close higher on Thursday while the country's currency pared losses against the dollar as the investor appetite for risk assets regained momentum.

[SEOUL] South Korean shares erased early losses and closed flat on Monday, as institutional buying of beaten-down stocks supported defensive act towards a slump in oil prices and a big sell-off on Wall Street.

The Korea Composite Stock Price Index (KOSPI) closed at 1,878.45, virtually unchanged from Friday's close of 1,878.87.

Foreigners were net sellers for an eighth straight session, offloading a net 344.9 billion won (S$410 million) worth of shares on the main board, preliminary data showed.

The South Korean won gained modestly, supported by China's efforts to stabilise the yuan.

The local currency was quoted at 1,210.9 to the dollar at the conclusion of onshore trade, up 0.2 per cent from the previous close of 1,213.4.

REUTERS