Seoul shares end 0.16 pct lower on foreign selling

(ATTN: ADDS bond yields at bottom)
SEOUL, July 10 (Yonhap) -- South Korean stocks closed 0.16 percent lower Friday
as foreign investors turned net sellers, analysts said. The local currency fell
against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.27 points to
1,428.62. Volume was moderate at 449.5 million shares worth 4.65 trillion won
(US$3.63 billion), with losers outpacing gainers 451 to 338.
"Foreign investors became cautious about buying stocks and took profits," said
Bae Sung-young, an analyst at Hyundai Securities Co. "Most tech exporters, which
have been leading the market this week, were traded in negative territory."
Foreign investors reversed earlier purchases in late trading, selling a net 42
billion won worth of local stocks on the main bourse.
Market leader Samsung Electronics dropped 0.77 percent to 645,000 won, and the
world's No. 2 display maker LG Display fell 1.45 percent to 34,000 won.
The world's second largest chipmaker, Hynix Semiconductor, also dropped 4.19
percent to 14,850 won on the news that memory chip prices have yet to recover.
Defying the overall trend, leading automaker Hyundai Motor rose 0.13 percent to
77,300 won, buoyed by its launch Wednesday of the country's first hybrid car.
The local currency ended at 1,282.7 won to the dollar, down 3.7 won from
Thursday's close, as foreign investors sold the local currency.
Bond prices, which move inversely to yields, closed sharply higher. The return on
three-year Treasuries declined 0.09 percentage point to 3.91 percent, and the
benchmark yields on five-year government bonds also dropped 0.08 percentage point
to 4.41 percent.
ygkim@yna.co.kr
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