S. Korean shares edge down on net selling by foreign investors

By KH디지털2

Published : Oct. 15, 2014 - 13:18

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South Korean stocks traded lower late Wednesday morning as foreign investors offloaded for the ninth straight trading session, despite the central bank announcing it will lower base rate to record low levels to help stimulate the economy.

The benchmark Korea Composite Stock Price Index (KOSPI), which started in positive territory, lost momentum to stand at 1,928.84 as of 11:20 a.m., a dip of 0.42 point, or 0.02 percent, from Tuesday' close.

Market observers said bargain hunting that caused the KOSPI to gain ground the day before was losing steam. They also said the move by the Bank of Korea's Monetary Policy Committee to lower base rates have already been reflected and was not exerting any strong upward pull on the bourse.

Both private investors and investors maintained their net buying stances.

Tech giant Samsung Electronics, the world's largest handset maker, rose 1.06 percent with chip giant SK hynix gaining 0.23 percent. Global appliance manufacturer LG Electronics, on the other hand, surrendered 0.75 percent.

Stocks of top steelmaker POSCO was down 1.12 percent, with the country's largest mobile carrier SK Telecom dropping 2.6 percent.

The local currency was trading at 1,066.8 against the U.S.

dollar, down 2.3 won from the previous session's close. (Yonhap)

S. Korean shares edge down on net selling by foreign investors

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