Seoul: Shares retreat as automakers fall; won closes steady

[SEOUL] South Korean shares stepped back from two-month highs on Friday, with the main index pressured lower by losses in automakers on concerns a rising local currency would erode their export earnings.

The South Korea Composite Stock Price Index (KOSPI) closed down 0.2 per cent at 2,030.14 points. It briefly touched a high of 2,038.06 in morning trade, the strongest intraday level since Aug 6.

On a weekly analysis, the index rose for a third straight week, up 0.5 per cent.

Market bellwether Hyundai Motor Co Ltd shed 0.9 per cent and its affiliate Kia Motor Corp slid 2.8 per cent.

The South Korean won closed at 1,129.1 per dollar after a choppy session, barely changed from the previous close of 1,130.2. For the week, the currency is up 2.6 per cent, the biggest weekly percentage gain since Dec 2, 2011.

REUTERS