Seoul: Shares down on global uncertainty; won flat
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[SEOUL] South Korean shares slipped on Wednesday morning, set for a fifth consecutive day of falls, as concerns about global economic conditions and caution ahead of a new batch of Chinese data took hold.
The Korea Composite Stock Price Index (KOSPI) was down 0.6 per cent at 1,983.85 points as of 0245 GMT.
The South Korean won was down 0.2 per cent at 1,154.7 per dollar.
"Risk aversion still weighs on investors as they are keeping an eye on Chinese figures," said Hyundai Securities analyst Rhoo Yong-seok, noting some foreign investors were taking money out of stocks in case of a potential US interest rate hike in December.
Investors are also waiting for Chinese retail sales, industrial production and urban investment data due later in the day. Recent indicators such as weaker-than-expected October inflation and trade data added to the uncertainty over the global outlook.
Foreign investors sold a net 94.5 billion Korean won worth of KOSPI shares near mid-session, weighing on the index.
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Market bellwether Hyundai Motor Co Ltd was down 0.9 per cent. Kia Motors Corp, South Korea's second largest auto maker and an affiliate of Hyundai Motor, lost 3.8 per cent to 55,900 won.
REUTERS
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