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[SEOUL] South Korean shares posted their biggest daily loss in nearly five months on Wednesday as investors backed off emerging markets after robust US data made a Federal Reserve rate hike more likely this year.
The Korea Composite Stock Price Index (KOSPI) was down 1.7 per cent at 2,107.50 points, its lowest close since May 15. The KOSPI suffered its biggest daily percentage fall since Jan 6. It closed at 2,143.50 on Tuesday.
Foreign investors snapped a 10-day buying streak, selling a net 223 billion won (S$271.9 million) worth of shares on Wednesday, preliminary exchange data showed.
The won closed local trade down 0.4 per cent at 1,105.5 per dollar after falling as low as 1,109.3, its lowest intraday level since March 31.