Seoul: Stocks erase early gains to turn lower; won drops 1%

[SEOUL] South Korean shares erased early gains to end lower on Monday, as foreigners sold for a fourth straight session.

The Korea Composite Stock Price Index (KOSPI) closed down 0.5 per cent at 1,963.67 points. Early in the session, it had shown a gain of 0.7 per cent to peak at 1,988.04 points.

Foreigners sold a net 147.7 billion won (S$177.13 million) worth of KOSPI shares during the session, preliminary data showed.

The South Korean won closed down 1 percent by the onshore market's close, quoted at 1,168.2 to the dollar. It was the biggest daily percentage fall since Nov 13.

REUTERS