Seoul: Stocks slip to near 2-week low, won weakens

[SEOUL] South Korean shares fell to a near two-week intraday low on Wednesday and the won also eased as a decline in major global stock markets pressured riskier assets.

The Korea Composite Stock Price Index (Kospi) was down 0.7 per cent at 2,004.07 points as of 0249 GMT, its lowest since July 22.

The won was quoted at 1,112.0, down 0.2 per cent compared to Tuesday's close of 1,110.

Investors were also hesitant to chase the won up further after the vice finance minister warned against excessive herd behaviour on Tuesday.

"We cannot yet say that the risk-off mood has returned. It is rather a technical movement after a sharp rise in most of the stock markets around the world," said Park Seok Hyun, a stock analyst at Eugene Investment & Securities.

Mr Park added that the local equities will rebound as second-quarter earnings results were positive.

Foreign investors looked set to break their 19-day buying streak, offloading Kospi shares.

Automobile-related shares slumped with Hyundai Motor Co down 1.5 per cent and Kia Motors Corp down 1.9 per cent.

SK Chemicals Co Ltd rose 3 per cent.

Decliners outnumbered advancers 571 to 220.

September futures on three-year treasury bonds lost 0.08 point to 111.03.

REUTERS