Seoul: Stocks, won edge down, halting recent gains

[SEOUL] South Korean shares and the won edged lower on Monday as foreign stock investors turned sellers after a seven-day buying spree.

The Korea Composite Stock Price Index (KOSPI) was down 0.1 per cent at 1,989.48 points as of 0208 GMT, erasing gains made in the earlier session.

Offshore investors sold a net 5.5 billion Korean won (S$6.41 million) worth of KOSPI shares by near mid-session.

"The KOSPI is expected to rise in a long-term view since more easing on monetary policy is a global trend and the US is trying to slow down its speed of rate hikes," said Kang Hyun-gie, an analyst at Dongbu Securities.

Decliners outnumbered advancers 462 to 330.

The local currency was quoted at 1,167.2, down 0.4 per cent from Friday's close at 1,162.5.

Major shipbuilders declined, with Hyundai Heavy Industries Co Ltd down 4.9 per cent and Daewoo Shipbuilding & Marine Engineering Co Ltd down 2.6 per cent.

Battery maker Samsung SDI Co Ltd rose 3.1 per cent.

June futures on three-year treasury bonds gained 0.04 point to 110.22.

REUTERS