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Seoul: Shares erase early loss to close higher; won edges down

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 turned higher on Friday as foreign buying in local equities bolstered the main bourse, while offshore investors posted their biggest monthly net-selling amount in seven months.

The Korea Composite Stock Price Index (KOSPI) ended up 0.6 per cent at 2,030.16. During the month, the KOSPI fell 2.1 per cent, its sharpest monthly loss in seven months, falling for a third straight month. It lost 0.8 per cent this week.

Foreigners purchased a net 162.86 billion won (S$191.4 million) worth of KOSPI shares, while offloading a net 1.89 trillion won worth of shares in the main board, the largest net-selling amount since December 2014, preliminary data showed.

The won ended local trade down 0.1 per cent at 1,170.0 per dollar. On a monthly basis, the local currency was down 4.7 per cent, posting the sharpest losses since September, 2011. It shed 0.2 per cent this week.