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Seoul: Shares inch lower, falls stymied as Hyundai gains 6 pct; won lower

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[SEOUL] South Korean shares edged lower on Thursday, weighed by nagging concerns over slowing global growth, although losses were capped by a late rally in Hyundai Motor Co after the release of its third-quarter earnings outlook.

The Korea Composite Stock Price Index (KOSPI) shed 0.27 per cent to close at 1,931.65.

Hyundai Motor missed consensus forecasts by reporting a 29 per cent fall in net profit for the July-September quarter, but the automaker said fourth-quarter profit was seen to be improving and that it was mulling a sizable increase in dividend rates.

Hyundai shares jumped on the news to close 5.9 per cent higher, its biggest one-day gain since April 3, 2012.

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Hyundai's sister automaker Kia Motors Corp gained 2.8 per cent, while auto-parts manufacturer Hyundai Mobis Co Ltd soared 4.8 per cent following the news.

The South Korean won fell on Thursday, tracking dollar gains in the wake of data showing a modest rebound in US inflation, prompting market players to push out the possibility of a delayed rate hike by the US Federal Reserve.

The local currency was quoted at 1,056.1 to the dollar at the conclusion of onshore trade, compared with Wednesday's close of 1,051.4.

REUTERS

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