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S.Korea stocks hit near 4-week low on foreign selling; won flat
February 8, 2017 / 2:32 AM / 8 months ago

S.Korea stocks hit near 4-week low on foreign selling; won flat

    * KOSPI falls more than 1 pct
    * Won's volatility hurts foreign demand - analyst

    SEOUL, Feb 8 (Reuters) - South Korean shares hit a near
four-week low on Wednesday as the local currency, which has been
rallying against the dollar, has dented demand for local stocks
from offshore investors.
    As of 0208 GMT, the Korea Composite Stock Price Index
(KOSPI)         was down 1 percent at 2,055.01, its lowest since
Jan. 11.
    "Foreigners are mostly selling market heavyweight shares and
putting much more pressure on the index," said Lee Jae-man,
stock analyst, Hana Daetoo Securities.
    Lee added that increased volatility in the won has become a
negative factor for foreign stock investors.
    Offshore investors were set to be net sellers for the day,
offloading 141.1 billion Korean won ($123.22 million) worth of
KOSPI shares near mid-session, weighing on the index. 
    Tech giant Samsung Electronics Co Ltd             drops as
much as 1.6 percent, while chipmaker SK Hynix Inc            
slides as much as 1.7 percent and Hyundai Motor Co            
falls as much as 1.1 percent.
    Decliners far outnumbered advancers 581 to 227.
    The South Korean won            stood at 1,145.7, dropped
0.1 percent compared with Tuesday's close of 1,144.3.
    March futures on three-year treasury bonds         gained
0.01 point to 109.55. 
    
                       0208 GMT    Prev close
 Dollar/won             1,145.7       1,144.3
 Yen/won             10.2094/03       10.1636
 *KTB futures            109.55        109.54
 KOSPI                 2,055.01      2,075.21
    
 * Front-month futures on three-year treasury bonds
    

 (Reporting by Dahee Kim; Editing by Sherry Jacob-Phillips)
  

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