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Seoul: Stocks edge up on institutional buying; won down

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[SEOUL] South Korean shares rose early on Monday as stock purchases by domestic institutions, mainly market heavyweights, pulled up the main bourse.

The Korea Composite Stock Price Index (Kospi) was up 0.3 per cent at 2,039.90 as of 0223 GMT, its second session of gains.

Institutions looked set to be net buyers, purchasing a net 68.3 billion won (S$83.77 million) worth of Kospi shares, while offshore investors bought a net 18.8 billion won worth equities, giving moderate support.

The Kospi will be boxed in around its current level until big global events such as the US presidential election and the Federal Reserve's December meeting are over, said Kim Ye Eun, a stock analyst at LIG Investment and Securities.

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"It is unlikely for stocks to continue their upward movement unless very positive forecasts about the fourth-quarter earnings are formed in the market," Ms Kim added.

Tech firm LG Electronics Inc and steelmaker Posco were both up nearly 2 per cent.

The South Korean won inched down 0.1 per cent to 1,136.5 due to a stronger dollar. It closed at 1,134.9 on Friday.

December futures on three-year treasury bonds shed 0.03 point to 110.42.

REUTERS

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