Foreign selling weighs on Korean shares

Business | 17 Apr 2018 3:23 pm

South Korean shares ended lower today on foreign selling.

The benchmark Korea Composite Stock Price Index (KOSPI) fell by 3.27 points, or 0.15 percent, to close at 2,453.77. Trade volume was moderate at 389.18 million shares worth 6.23 trillion won (US$5.84 billion), with gainers outnumbering losers 436 to 369.

Tracking overnight gains on Wall Street, the local market opened higher, but heavy sell-offs by foreign investors pared earlier gains, and, after fluctuating between positive and negative territory, the index ended down compared with the day before.

Foreign investors sold a net 274.67 billion won worth of local stocks, effectively offsetting the buying by retailers and institutions that bought a net 216.27 billion won and 52.25 billion won worth of shares, respectively. Large-cap stocks drifted lower across the board.

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