Seoul shares end 0.92 pct lower on institutional selling

SEOUL, Aug. 27 (Yonhap) -- South Korean stocks closed 0.92 percent lower Thursday
as institutional investors took a breather with tech and bank share sell-offs,
analysts said. The local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) declined 14.79 points to
1,599.33. Volume was moderate at 420.8 million shares worth 6.14 trillion won
(US$4.92 billion), with losers outpacing gainers 520 to 303.
"The key index underwent some fatigue due to recent sessions' sharp gains. A
buying spree by foreign investors also slowed," said Bae Sung-young, an analyst
at Hyundai Securities.
The KOSPI rose to a fresh 13-month high on Wednesday as investors snapped up
undervalued shares and the U.S. economy showed signs of improvement. But
institutional sell-offs sparked by the recent sessions' sharp gains weighed on
the market, sending the key stock index down as much as 1.43 percent in late
trading.
Tech, automaker and financial losses led the broader market's weakness. Market
leader Samsung Electronics declined 1.29 percent to 767,000 won and top carmaker
Hyundai Motor shed 1.93 percent to 101,500 won.
Financial shares also traded in negative territory. Top financial services
company KB Financial Group lost 1.65 percent to 53,800 won and its rival Shinhan
Financial Group shed 2.24 percent to 41,500 won.
The local currency ended at 1,248.7 won against the greenback, down 3.4 won from
Wednesday's close, as companies snapped up the greenback to settle import bills,
dealers said.
sooyeon@yna.co.kr
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