Seoul shares end 0.05 pct lower on institutional sell-offs

By Lee Youkyung

SEOUL, Aug. 13 (Yonhap) -- South Korean shares closed 0.05 percent lower Thursday on massive last-minute sell-offs by institutional investors, analysts said.

The
local currency gained against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) lost 0.71 points to
1,564.64, paring earlier gains. Volume was moderate at 549 million shares worth
7.31 trillion won (US$5.91 billion) with gainers outnumbering losers 469 to 329.
"Institutions dumped shares in late trading, throwing cold water on the market,
which was boosted earlier by the U.S. Fed's positive comments about the world's
largest economy," said Hwang Bin-ah, an analyst at Kyobo Securities Co.
Despite the KOSPI's fall, market heavyweight Samsung Electronics added 1.3
percent to 702,000 won as investors hunted for bargains from the previous day's
fall.
Leading liquid crystal display producer LG Display climbed 3.6 percent to 36,000
won on an expected glass shortage, extending its gaining streak to a third
session.
Hynix Semiconductor, however, shed 2.65 percent to 18,400 won, after POSCO denied
rumors about its acquisition of the chipmaking giant.
Auto shares fared well with leading automaker Hyundai Motor adding 2.77 percent
to 92,900 won. Ssangyong Motor Co., currently under bankruptcy protection, rose
by a daily limit of 15 percent for a 6th consecutive session as it resumed
output, ending an 83-day production stoppage due to a labor strike.
The local currency ended at 1,237.3 won against the dollar, up 9.2 won from
Wednesday's close, as offshore investors snapped up local stocks, dealers said.
ylee@yna.co.kr
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