Seoul: Shares recover on bargain hunting; won flat

[SEOUL] South Korean shares rose on Tuesday as bargain hunters took heart from rebounds in hard-hit local stock markets, though foreigners continued to offload domestic shares.

The Korea Composite Stock Price Index (KOSPI) ended up 0.6 per cent at 1,930.53, reversing a two-day losing streak.

Offshore investors were net sellers for a twenty-second consecutive session, dumping a net 189.6 billion won (S$227.5 million) worth of KOSPI shares on the main board, preliminary data showed.

The sub-index for pharmaceutical shares led gainers by 2.9 per cent, while banking shares rose 1.9 per cent.

The South Korean won erased early modest gains and closed local trade flat standing at 1,188.0 per dollar.

REUTERS