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Seoul: Stocks at near 3-month low, won falls on Fed rate outlook

Tuesday, May 24, 2016 - 14:23
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[SEOUL] South Korean shares and the won extended losses on Tuesday as comments from US Federal Reserve officials supporting a June rate hike caused market participants to turn away from risky assets.

The Korea Composite Stock Price Index (Kospi) closed down 0.9 per cent at 1,937.68 points, its lowest since Feb 29.

Foreign investors sold a net 58.3 billion won (S$67.6 million) worth of Kospi shares during the session.

The South Korean won ended at its weakest level in 10 weeks.

The won was quoted at 1,192.7 to the dollar at the conclusion of onshore trade, down 0.8 per cent compared to Monday's close of 1,182.9.

REUTERS