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Seoul: Stocks down as foreigners turn sellers, won falls

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[SEOUL] South Korean shares slipped early on Tuesday as foreign investors were expected to turn sellers after buying for 18 straight sessions, mainly offloading electric and electronics related stocks.

The Korea Composite Stock Price Index (Kospi) was down 0.4 per cent at 2,021.56 points as of 0155 GMT The sub-index for electric and electronics dropped 1 per cent.

"The won's level has escalated too quickly recently, which is making it hard for offshore investors to participate in stock-trading as enthusiastically as before," said Kim Ye-eun, a stock analyst at LIG Investment & Securities.

She added that the shares will not move aggressively for the remainder of the week as the market is waiting for the US July jobs report on Friday.

Foreign investors sold a net 7.7 billion Korean won (S$9.06 million) worth of Kospi shares near mid-session, weighing on the index.

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Tech giant Samsung Electronic Co Ltd was down near 1 per cent, while LG Display Co Ltd lost 3.6 per cent.

Decliners outnumbered advancers 486 to 296.

The South Korean won edged down after a sharp rise the prior day.

The won stood at 1,110.5 to the dollar, down 0.2 per cent compared to Monday's close of 1,108.0.

September futures on three-year treasury bonds shed 0.01 point to 111.15.

REUTERS

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