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Seoul: Shares flat; won firmer on weak US consumer sentiment

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South Korean shares drifted sideways on Wednesday after trading across a tight range as market players oscillated between opposing signals on the health of the US economy.

[SEOUL] South Korean shares drifted sideways on Wednesday after trading across a tight range as market players oscillated between opposing signals on the health of the US economy.

The Korea Composite Stock Price Index (KOSPI) ticked 0.03 per cent higher to close at 1,980.84 points.

Samsung Techwin shares plunged by the daily limit of 15 per cent after Samsung Group said it was selling the defense subsidiary as well as three other affiliates to Hanwha Group for 1.9 trillion won (US$1.72 billion US dollar).

The South Korean won was firmer, as the dollar was weighed by a surprise drop in US consumer sentiment with exporter demand for month-end settlements bolstering the local currency.

The won was quoted at 1,106.5 to the dollar at the conclusion of onshore trade, compared to Tuesday's close of 1,109.1.

REUTERS

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