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Seoul: Stocks bounce off 4-week low; end down for the week


[SEOUL] South Korean shares recovered on Friday from near four-week lows hit the previous day as domestic institutions sought bargains, helping offset foreign investors'selling of technology firms.

The Korea Composite Stock Price Index (Kospi) closed up 0.4 per cent at 2,395.45 points after ending 1.7 per cent down on Thursday. The index ended the week slightly weaker, off 0.2 per cent.

Offshore investors offloaded a net 163.3 billion won (S$197.14 million) worth of Kospi shares while local institutions added 213.6 billion won worth to their portfolios.

Construction shares, which largely dropped due to South Korea's tough housing rules, rose back 1.2 per cent.

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LG Electronics gained sharply in late trade, jumping 5 per cent.

The South Korean won also strengthened after three session of decline as the US dollar sagged on ongoing US political turmoil.

The won was quoted at 1,125.0 to the US dollar at the conclusion of onshore trade, up 0.3 per cent compared to Thursday's close of 1,128.8.

For the week, the currency was down 0.3 per cent, marking a second straight losing week.