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Seoul: Shares recover slightly from month low; won edges higher

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Seoul shares closed lower on Monday after touching a month-low in early trading on growing prospects the US Federal Reserve will raise interest rates in September on the back of a solid U.S. jobs report.

[SEOUL] Seoul shares closed lower on Monday after touching a month-low in early trading on growing prospects the US Federal Reserve will raise interest rates in September on the back of a solid U.S. jobs report.

The Korea Composite Stock Price Index (KOSPI) closed down 0.4 per cent at 2,003.17 points, falling for a third consecutive session. It fell as much as 0.8 per cent to 1,993.96 points in the morning, the lowest since July 9.

Foreigners were net sellers for a fourth straight day, offloading a net 218.9 billion won (S$260.5 million) worth of KOSPI shares during the period.

The won closed up 0.4 per cent at 1,163.2 per dollar as investors pared bullish bets on the greenback following US non-farm payrolls data.

REUTERS

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