May 12, 2017 / 2:47 AM / 2 months ago

S.Korea stocks slip on offshore selling, won inches up

3 Min Read

    * Foreign investors set to snap 5-day buying spree
    * KOSPI poised to mark biggest weekly pct gain in 9 weeks
    * Won up a bit on weaker dollar

    SEOUL, May 12 (Reuters) - South Korean shares edged lower
early on Friday as foreign investors took profits after Seoul
stocks hit a record high on Thursday.
    The Korea Composite Stock Price Index (KOSPI)         was
down 0.4 percent at 2,287.87 points as of 0223 GMT.
    Offshore investors sold a net 270.4 billion Korean won
($240.03 million) worth of KOSPI shares near mid-session,
weighing on the index. 
    "Today's stock movement can be seen as a technical
adjustment after marking a large gain again on Thursday," said
Cho Byung-hyun, an analyst at Yuanta Securities.
    Cho said that the index had been fluctuating lately because
of investors' widely varied views, especially among foreign
investors.
    "Some seem to be waiting for the stocks to edge down so that
they can come right in to purchase stocks, and therefore current
volatility is likely to persist for a while," added Cho.
    The KOSPI was set to mark the biggest weekly percentage gain
since mid-March.
    Decliners outnumbered advancers 515 to 245.
    Market heavyweight Samsung Electronics             rose 1.1
percent while SK Hynix             was down 1.3 percent.
    Shares in Netmarble Games Corp            , South Korea's
largest mobile games maker, debuted on the stock exchange on
Friday above their initial public offer price.             
    The South Korean won            was slightly higher versus a
 weaker dollar at 1,126.8, up 0.1 percent compared to Thursday's
close of 1,127.9.
    June futures on three-year treasury bonds         gained
0.02 point to 109.28.  
    
                       0223 GMT    Prev close
 Dollar/won             1,126.8       1,127.9
 Yen/won              9.9059/55        9.8649
 *KTB futures            109.28        109.26
 KOSPI                 2,287.87      2,296.37
 * Front-month futures on three-year treasury bonds
    

 (Reporting by Dahee Kim; Editing by Eric Meijer)
  

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