September 11, 2017 / 8:05 AM / 8 months ago

S.Korean stocks strengthen, gains capped by China worries

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SEOUL, Sept 11 (Reuters) - South Korean shares strengthened to end at their highest in more than a week as tech and chemical stocks climbed on hopes of firm earnings in the third quarter.

Receding jitters over geopolitical risks in the Korean Peninsula also appeared to help the Korea Composite Stock Price Index (KOSPI) which closed up 0.7 percent at 2,359.08 points.

The sub-index for electric and electronics shares gained 1.6 percent while overall chemical shares rose 1.7 percent for the day.

Meanwhile, further gains were capped by tensions between Seoul and Beijing over South Korea’s deployment of a U.S. anti-missile defence system against North Korean attacks.

Local cosmetics-related companies, whose main export market is China, largely fell with Amorepacific down 2.1 percent and Korea Kolmar down 3.4 percent.

Offshore investors turned sellers and offloaded a net 136.3 billion won ($120.47 million) of local equities.

The South Korean won extended its losses as the U.S. dollar strengthened on global markets during the session.

The won was quoted at 1,131.9 to the dollar at the end of onshore trade, down 0.4 percent from Friday’s close at 1,127.5. (Reporting by Dahee Kim; Editing by Eric Meijer)

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