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Seoul shares little changed, foreign selling persists
June 18, 2013 / 1:51 AM / 4 years ago

Seoul shares little changed, foreign selling persists

* Market little changed as investors hold back before Fed meeting

* Foreign investors sell for an eighth session

* Techs rebound, banking stocks slide

SEOUL, June 18 (Reuters) - Seoul shares traded nearly flat on Tuesday as investors continued to speculate over the Federal Reserve’s intentions for its stimulus programme ahead of its monetary meeting starting later in the day.

“The market will not likely have a clear direction until the FOMC meeting,” said Choi Kwang-hyeok, an analyst at E-Trade Securities.

“The U.S. Fed will probably not immediately end the stimulus measures, but the mention of that possibility in the near future will scare investors,” Choi added.

Foreign investors’ net selling was modest at 12.2 billion won worth of stocks, but the current selling streak was poised to continue for an eighth session.

The Korea Composite Stock Price Index (KOSPI) was up 0.05 percent at 1,884.03 points as of 0140 GMT.

Technology stocks recovered after their falls in previous session, with Samsung Electronics shares gaining 0.2 percent.

LG Electronics shares advanced 2.3 percent and SK Hynix rose 2.3 percent.

STX Offshore & Shipbuilding Co Ltd advanced 4.2 percent amid talk that an accounting firm in charge of due diligence for the debt-ridden shipyard had determined the company was worth a court-led debt workout programme.

Korea Development Bank, the lead creditor bank, declined to comment saying no official decision had been made.

Falls in banks weighed on the market as KB Financial Group fell 0.8 percent and Woori Finance Holdings declined 1.4 percent.

The KOSPI 200 benchmark of core stocks was up 0.2 percent, while the junior KOSDAQ edged 0.7 percent higher.

Decliners outnumbered gainers 383 to 369. (Reporting by Jungyoun Park; Editing by Eric Meijer)

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