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Seoul: Stocks end down on Deutsche woes, won pares losses

Friday, September 30, 2016 - 15:08
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[SEOUL] South Korean shares tumbled on Friday on selling by offshore investors, reflecting a general rise in global risk aversion stoked by worries over the financial health of Deutsche Bank.

The Korea Composite Stock Price Index (Kospi) closed down 1.2 per cent at 2,043.63 points, with offshore investors selling a net 157.9 billion won (S$195.26 million) worth of Kospi shares.

Still, stocks ended the month up, the third straight month of gains, and also rose 3.7 per cent on a quarterly basis.

Friday's downturn came as world share markets fell after Deutsche Bank shares slumped to a record low after a report that trading clients had withdrawn excess cash and positions held in the largest German lender.

The South Korean won edged down, but was off earlier lows on exporters' quarter-end dollar sales.

The won was quoted at 1,101.3 to the dollar at the conclusion of onshore trade, almost steady from Thursday's close of 1,098.8.

The currency was off for the week but rose for the fourth straight month, up 1.2 per cent.

REUTERS