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7 months ago
CORRECTED-S.Korea stocks ease, political probe takes toll on Samsung; won edges up
January 13, 2017 / 2:50 AM / 7 months ago

CORRECTED-S.Korea stocks ease, political probe takes toll on Samsung; won edges up

(Corrects length of foreign buying spree to 12 days in first
bullet point and lead paragraph)
    * Foreigners set to snap 12-day buying session
    * Samsung Elec shares suffer due to political risks -
analyst

    SEOUL, Jan 13 (Reuters) - South Korean shares edged down
early on Friday as foreign investors sold, snapping their 12-day
buying spree, mostly dumping shares in Samsung Electronics
 out of concern over the fallout from the country's
political scandal.
    There was also bearish pressure from a weaker Wall Street
after U.S. president-elect Donald Trump's failed to offer any
insight on his economic policy at a news conference two days
ago.
    The Bank of Korea held interest rates for a seventh straight
month on Friday, as expected, a move that had little impact on
the overall market. 
    The Korea Composite Stock Price Index (KOSPI) was
down 0.4 percent at 2,078.16 points as of 0234 GMT.
    "Foreign investors are mainly selling Samsung Electronics
shares either to take profits or to stay away from political
risks," said Kim Ye-eun, a stock analyst at LIG Investment &
Securities.
    Samsung Group leader Jay Y. Lee left the South Korean
special prosecutor's office early on Friday, more than 22 hours
after arriving for questioning on bribery suspicions in an
influence-peddling scandal that could topple President Park
Geun-hye. 
    Shares of Samsung Electronics dropped as much as
2.9 percent, while Samsung C&T was down 0.4 percent.
    Offshore investors offloaded a net 62.8 billion Korean won
($53.36 million) worth of KOSPI shares near mid-session. 
    Decliners outnumbered advancers 418 to 368.
    The South Korean won strengthened, standing at
1,177.4 against the dollar, up 0.6 percent compared to
Thursday's close of 1,184.7. 
    March futures on three-year treasury bonds shed 0.06
point to 109.64. 
    
                       0234 GMT    Prev close
 Dollar/won             1,177.4       1,184.7
 Yen/won             10.2265/48       10.2407
 *KTB futures            109.64        109.70
 KOSPI                 2,078.16      2,087.14
 * Front-month futures on three-year treasury bonds
    

 (Reporting by Dahee Kim; Editing by Simon Cameron-Moore)

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