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Seoul: Shares squander early gains to edge lower on profit-taking; won falls

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- PHOTO: BLOOMBERG

[SEOUL] South Korean shares gave up early gains and drifted lower on Monday as offshore funds, rattled by steep falls in the local currency cutting into their profits, sold some of their holdings.

The Korea Composite Stock Price Index (KOSPI) fell 0.39 per cent at 1,968.39 points.

The South Korean won fell to a fresh six-month closing low as the dollar soared to yet another multi-year high against a basket of currencies on the back of upbeat US economic data.

The local currency was quoted at 1,069.0 to the dollar at the conclusion of onshore trade on Monday, compared with Thursday's closing of 1,061.4.

On Friday, South Korean financial markets were closed for a holiday. - Reuters