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Seoul shares down 1 pct on China money rate rise, profit-taking
October 23, 2013 / 6:15 AM / 4 years ago

Seoul shares down 1 pct on China money rate rise, profit-taking

SEOUL, Oct 23 (Reuters) - Seoul shares reversed early gains to close down on Wednesday, as sentiment quickly soured after Chinese regulators said they were weighing moves to tighten liquidity.

The Korea Composite Stock Price Index (KOSPI) closed down 1 percent at 2,035.75 points, struggling to stay over the 2,050-point level for a fourth straight day, the upper limit of a range analysts say the main bourse has been trapped within.

Foreigners underpinned the market by purchasing 225.5 billion won ($212.57 million) worth of local shares on Wednesday, buying for a 39th consecutive session to extend the longest streak on record.

China’s primary short-term money rates rose on Wednesday in a delayed reaction to signals from regulators they were considering tightening liquidity to tamp rising inflationary pressure. ($1 = 1060.8500 Korean won) (Reporting by Jungmin Jang; Editing by x)

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