Seoul: Stocks snap 6-day losing streak; won down

[SEOUL] South Korean shares edged up on Thursday, bolstered by local institutions and individuals that bought stocks on the main board while foreigners sold for a seventh straight day.

The Korea Composite Stock Price Index (KOSPI) closed up 0.2 per cent at 1,952.71 points, snapping a six-day losing streak.

Tech giant Samsung Electronics Co Ltd shares rose 1.6 per cent after the company announced it will form a new automotive business team on Wednesday. In contrast, LG Electronics Ltd shares fell 5.3 per cent, as investors worried the Samsung-LG rivalry may heat up in the automotive electronics parts industry.

Foreigners were net sellers for a seventh straight session, dumping a net 283.6 billion won (S$337.3 million) worth of KOSPI shares The South Korean won ended local trade 0.2 per cent lower at 1,181.3 on the dollar.

REUTERS