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Seoul: Stocks edge down despite foreign buying, won up

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[SEOUL] South Korean shares dipped on Tuesday as selling by local institutions offset renewed interest in the market from foreign investors who were heavy sellers last week.

Weaker-than-expected Chinese import and export data added to the cautious mood. China is South Korea's largest trading partner.

The Korea Composite Stock Price Index (Kospi) closed down 0.2 per cent at 2,394.73 points.

Hyundai Motor Co dropped 2.7 per cent to its lowest in over three months as its workers went on a partial strike. The company's affiliate Kia Motors Corp fell 4.5 per cent.

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Foreign investors added a net 89.6 billion won (S$108.31 million) worth of Kospi shares to their portfolios, while domestic institutions offloaded a net 153.9 billion won worth.

The South Korean won saw moderate gains later in the session as the currency moved along with Chinese yuan, which strengthened to a 10-month high against the greenback.

The won was quoted at 1,125.1 to the US dollar at the conclusion of onshore trade, up 0.2 per cent from Monday's close of 1,127.1.

REUTERS

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