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S.Korean stocks bounce off 4-week low; end down for the week
August 4, 2017 / 7:00 AM / 2 months ago

S.Korean stocks bounce off 4-week low; end down for the week

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SEOUL, Aug 4 (Reuters) - South Korean shares recovered on Friday from near 4-week lows hit the previous day as domestic institutions sought bargains, helping offset foreign investors’ selling of technology firms.

The Korea Composite Stock Price Index (KOSPI) closed up 0.4 percent at 2,395.45 points after ending 1.7 percent down on Thursday. The index ended the week slightly weaker, off 0.2 percent.

Offshore investors offloaded a net 163.3 billion won ($145.17 million) worth of KOSPI shares while local institutions added 213.6 billion won worth to their portfolios.

Construction shares, which largely dropped due to South Korea’s tough housing rules, rose back 1.2 percent.

LG Electronics gained sharply in late trade, jumping 5 percent.

The South Korean won also strengthened after three session of decline as the dollar sagged on ongoing U.S. political turmoil.

The won was quoted at 1,125.0 to the dollar at the conclusion of onshore trade, up 0.3 percent compared to Thursday’s close of 1,128.8.

For the week, the currency was down 0.3 percent, marking a second straight losing week. (Reporting by Dahee Kim; Editing by Jacqueline Wong)

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