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Seoul: Won falls to over 5-1/2-yr low; shares edge down

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[SEOUL] The South Korean won extended a sharp fall for a second consecutive session to a more than 5-1/2 year low on Wednesday, but recouped some of the losses as foreign exchange authorities were suspected of intervening to stem further declines.

The currency ended local trade down 0.9 per cent to 1,227.1 per dollar, after falling by as much as 1.0 per cent to 1,228.4 in late afternoon trade.

Seoul shares erased earlier gains and edged lower on Wednesday, with some investors taking profits and as a retreat in healthcare and consumer shares dragged.

The Korea Composite Stock Price Index (KOSPI) closed 0.2 per cent lower at 1,883.94 points.

Foreign investors were initially net buyers, but then became net sellers, offloading a net 15.5 billion won worth of KOSPI shares on the main board, preliminary data showed.

REUTERS