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Seoul: Shares rise as local institutions turn net buyers; won down

South Korean shares reversed sharp early declines to close higher on Thursday while the country's currency pared losses against the dollar as the investor appetite for risk assets regained momentum.

[SEOUL] Seoul shares increased their Tuesday gains in late trade as domestic institutions turned net buyers and foreigners reduced their selling of shares on the main board.

The Korea Composite Stock Price Index (KOSPI) ended up 0.9 per cent to 1,982.06 points.

Local institutions were initially net sellers but changed and became buyers, purchasing a net 111.2 billion won (S$133 million) of shares on the main board, preliminary data showed. Foreigners offloaded a net 14.4 billion won of the KOSPI shares.

Market bellwether Hyundai Motor Co Ltd rose 3.1 per cent and its automotive parts affiliate Hyundai Mobis Co Ltd was up 5.1 per cent. Korea Electric Power Corp gained 4.9 per cent Meanwhile, the South Korean won closed local trade down 0.4 per cent to 1,179.2 per dollar, reflecting gains by the greenback.