Seoul: Stocks fall on tech selloff, foreign profit-taking

[SEOUL] South Korean shares fell on Thursday, dragged lower by technology stocks, as foreign investors booked profits after the benchmark index hit a two-year closing high earlier this week.

The Kospi closed down 29.75 points, or 1.22 per cent, at 2,406.17. The index snapped a four-session rally to fall 0.3 per cent on Wednesday.

"Investor sentiment was dented after the US Federal Reserve remained cautious over offering further liquidity," said Kiwoom Securities analyst Seo Sang-young.

The Federal Reserve pledged to keep interest rates low for a long time but stopped short of offering further stimulus to shore up a battered US economy.

Foreigners were net sellers of US$107.31 million worth of shares on the main board.

REUTERS