Seoul shares fall below 1,700 mark in trading

SEOUL, Sept. 24 (Yonhap) -- South Korean stocks fell 1.03 percent Thursday,
pushing the key index below the 1,700-mark as investors took profits from recent
gains, analysts said. The local currency fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) lost 17.59 points to
1,693.88 after staying above the 1,700-mark for two days. Volume was moderate at
414.6 million shares worth 7.5 trillion won (US$6.28 billion), with losers
outpacing gainers 573 to 212.
The dip follows steady gains that pushed the KOSPI to its highest levels in 15
months.
"Foreign investors turned net sellers, ending their 14-day buying streak, while
institutional investors continued their sell-off for a sixth session," said Bae
Sung-yeong, an analyst at Hyundai Investment and Securities.
Bae also added that the overall downturn in Asian markets, except in Japan,
weighed down the Seoul bourse.
Most large-cap shares lost ground, with Samsung Electronics shedding 2.07 percent
to 803,000 won and Hyundai Motor losing 3.49 percent to 110,500 won.
Doosan Infracore dropped 3.36 percent to 18,700 won for the second day, on the
news that prosecutors started investigating the company's slush fund.
Meanwhile, Korea Electric Power Corp., South Korea's state power firm, gained
1.14 percent to 35,550 won after it was reported that it will conduct a
reevaluation of its property holdings.
The local currency ended at 1,195.7 won against the dollar, down 1.3 won from
Wednesday's close, as foreigners sold the Korean currency, dealers said.
ygkim@yna.co.kr
(END)