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Seoul: Stocks end at 2-week low as tech shares slide, won sags

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[SEOUL] South Korean shares slipped to a two-week low on Friday as market heavyweight tech shares succumbed to profit-taking from foreign investors following a sell-off in Wall Street.

The Korea Composite Stock Price Index (Kospi) ended down 1.7 per cent at 2,400.99 points, it lowest close since July 12.

The index dropped two per cent this week, its biggest weekly percentage loss since mid-June of 2016.

Offshore investors have been net sellers for a fourth straight session and offloaded a net 561.1 billion won (S$684.05 million) worth of Kospi shares for the day.

The South Korean won erased sharp gains from the previous day as the US dollar bounced on upbeat US economic data.

The won was quoted at 1,122.1 to the US dollar at the conclusion of onshore trade, down 0.8 per cent compared to Thursday's close of 1,112.8.

The currency edged down 0.3 per cent on a weekly basis.


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