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SEOUL May 10 South Korean shares closed 1
percent lower due to profit taking after the index struck a
record high on Wednesday as investors took heart from the
election of a liberal moderate, Moon Jae-in, as the country's
Having gained more than 7 percent in the past ten sessions,
the market was ripe for profit taking, but traders said there
was still potential for it too climb higher, fuelled by optimism
over Moon's victory.
The Korea Composite Stock Price Index (KOSPI) closed
at 2,270.12 points, well off its intra-session high of 2,323.22.
Foreign investors have been net buyers of KOSPI shares for
four days, though the amount of purchased began to dwidnle
during the session.
They bought 107.2 billion won ($94.40 million) worth for the
day. Domestic institutions sold a net 39.1 billion won worth,
individuals net 99.4 billion won.
The South Korean won was weaker in the wake of
heightened tensions between North Korea and the United States
due to concerns that Pyongyang could press ahead with a nuclear
The won was quoted at 1,135.8 to the dollar at
the conclusion of onshore trade, weakening 0.4 percent from
Monday's close at 1,131.4.
(Reporting by Dahee Kim; Editing by Simon Cameron-Moore)