Seoul: Stocks extend losses on heavy foreign selling, won up

[SEOUL] South Korean shares edged lower on Friday as persistent foreign selling unnerved investors ahead of a widely expected hike to US interest rates by the Federal Reserve next week.

The Korea Composite Stock Price Index (KOSPI) closed down 0.2 per cent at 1,948.53 points, in line with sluggish Asian shares. For the week, it lost 1.2 per cent.

Offshore investors were net sellers for an eighth straight session, dumping a net 252.9 billion won worth of shares on the main board.

The South Korean won ended local trade 0.2 per cent up at 1,179.5 to the dollar, reversing a four-day declining trend. On a weekly basis, it lost 2 per cent, the sharpest weekly percentage loss since September 25.

REUTERS