Seoul shares end 0.14 pct lower on U.S. falls

SEOUL, Sept. 25 (Yonhap) -- South Korean stocks closed 0.14 percent lower Friday
on strong foreign and institutional selling sparked by overnight falls on Wall
Street, analysts said. The local currency rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.4 points to
1,691.48. Volume was light at 383.2 million shares worth 7.4 trillion won
(US$6.24 billion), with losers leading gainers 450 to 328.
"Foreign investors pushed Seoul stocks into the doldrums as they increased their
selling, swayed by the news that the U.S. government will cut the size of its
programs to bolster the credit market," said Park Seung-young, an analyst at
Korea Investment and Securities Co.
U.S. stocks declined Thursday on worries about the broader U.S. economy with the
Dow Jones industrial average dipping 0.5 percent and the Nasdaq composite index
dropping 1 percent.
"Retail investors hunted for large-cap bargains, but their buying was not enough
to overpower the overall selling trend," Park said.
Foreign investors dumped a net 151.9 billion won worth of tech and financial
large caps. Institutional investors continued their selling streak for a seventh
session.
Global shipbuilding leader Hyundai Heavy Industries shed 1.03 percent to 193,000
won and to local power equipment maker Doosan Heavy Industries & Construction
dropped 0.43 percent to 68,700 won.
Automakers, however, advanced on the news that Hyundai Motor's labor union
elected a moderate and pragmatic figure as a new leader. Top carmaker Hyundai
jumped 4.52 percent to 115,500 won and its smaller affiliate Kia Motors rose 3.78
percent to 19,200 won.
The local currency ended at 1,186.1 won against the dollar, up 9.6 won from
Thursday's close, as offshore investors sold the greenback, dealers said.
ygkim@yna.co.kr
(END)