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Seoul: Shares hit 7-month low on continued foreign selling; won flat

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 fell for a fourth consecutive session on Thursday, reaching a seven-month low, as foreigners continued to be net sellers of Korean equities.

The Korea Composite Stock Price Index (KOSPI) closed down 1.3 per cent at 1,914.55 points, right after touching as low as 1,912.55 points, its lowest since Jan 21.

Foreigners offloaded shares on the main board for a 11th consecutive session, marking the longest selling streak since October. During the current streak, they sold a net 1.492 trillion won (S$1.77 billion) worth of KOSPI shares.

On the currency market, the won remained flat and closed local trade at 1,185.1, barely changed from the previous close of 1,185.3.