Seoul stocks end down on foreign, institutional selling

SEOUL, March 16 (Yonhap) -- South Korean stocks closed 0.05 percent lower Monday
as foreign and institutional investors unloaded large-cap shares, analysts said.
The local currency surged against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) lost 0.57 point to
1,125.46. Volume was moderate at 428.82 million shares worth 4.28 trillion won
(US$2.97 billion), with gainers outpacing losers 453 to 360.
"The key index inched down as institutions and foreigners locked in profits from
the recent gains, erasing upward momentum in morning trade," said Hwang Seok-kyu,
an analyst at KB Investment & Securities.
Most blue chips lost ground, with market leader Samsung Electronics dropping 0.95
percent to 523,000 won and top shipbuilder Hyundai Heavy Industries declining
5.01 percent to 180,000 won.
Financial shares, however, gained with KB Financial Group, which controls top
lender Kookmin Bank, rising 2.85 percent to 32,500 won, and Shinhan Financial
Group gaining 2.68 percent to 23,000 won.
The local currency closed at 1,440 won to the dollar, up 43.5 won from Friday's
close, as offshore investors sold the greenback, dealers said.
ygkim@yna.co.kr
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