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Seoul: Stocks end down on strong foreign selling; won edges up

Friday, July 7, 2017 - 14:57

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[SEOUL] South Korean shares slumped on Friday as offshore investors sold local equities to lock in profits after recent gains, and ended the week with losses.

The Korea Composite Stock Price Index (Kospi) closed down 0.3 per cent at 2,379.87 points. The index lost 0.5 per cent this week.

Foreign investors sold a net 138.6 billion won (S$165.86 million) worth of Kospi shares for the day.

The South Korean won made a slight gain as the US jobs data, due to come out later in the day, is expected to be weaker than expected, pressuring the dollar.

The won was quoted at 1,154.3 to the US dollar at the conclusion of onshore trade, up 0.3 per cent compared with Thursday's close of 1,157.4.

The currency fell 0.9 per cent on a weekly basis, marking the sixth straight week of losses.

REUTERS

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