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Seoul: Shares slip to over 1-mth low, won eases on Fed, China risks

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[SEOUL] South Korean shares and the won dropped on Friday as a combination of factors, including weakening commodities, concerns of slower growth in China and a looming policy decision by the US Federal Reserve, sapped investor confidence.

The Korea Composite Stock Price Index (KOSPI) closed down 1.0 per cent at 1,973.29 points. For the week, the index lost 3.3 per cent, marking the biggest drop since late August.

Offshore investors were net sellers for a fourth consecutive session, dumping a net 211.8 billion won (S$258.5 million)worth of stocks on the main board, preliminary data showed.

The South Korean won ended local trade down 0.5 per cent at 1,163.8 against the dollar. It eased 1.9 per cent for the week, posting losses for a third straight week.

REUTERS