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Seoul: Won, stocks fall as oil price dip sparks risk-off sentiment
[SEOUL] KOSPI expected to move in mid-1,900 range SEOUL, April 5 (Reuters) - The South Korean won and shares fell on Tuesday as sliding oil prices made investors wary of riskier assets.
The won dropped as low as 1,158.5 level against the dollar, down 1.0 per cent from Monday's close of 1,146.1.
It looked set to post the biggest daily per centage loss since early February.
The Korea Composite Stock Price Index (KOSPI) was set to fall to a one-month low and was down 0.7 per cent at 1,964.50 points as of 0144 GMT.
"KOSPI seems to be settling down after a sharp rise last week. There will be more profit-taking from foreigners in the near-term and the shares will be adjusted around the mid-1,900 level," said Cho Byung-hyun, an analyst at Yuanta Securities.
Chi believed the index will be able to reclaim the critical 2,000 level if shaky oil prices calm down.
Foreign investors were poised to be net sellers and sold 123.9 billion won worth of KOSPI shares near mid-session, weighing on the index.
Decliners outnumbered advancers 450 to 342 on the main board with heavyweight Samsung Electronics Co Ltd down 2.2 per cent and LG Chem Ltd down 2.1 per cent.
CJ CGV Co Ltd, South Korea's largest movie theater chain operator, rose as much as 4.1 per cent after it said it is buying Turkey's MARS Entertainment Group AS with its partners. It later pared gains and was up 0.5 per cent.
June futures on three-year treasury bonds gained 0.01 point to 110.40.