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Seoul stocks wobble after hitting near 2-wk lows on North Korean fears
September 26, 2017 / 3:24 AM / 2 months ago

Seoul stocks wobble after hitting near 2-wk lows on North Korean fears

    * KOSPI down for 6th session; pares losses after touching
2-wk low
    * Tech shares falter on foreign sell-off; autos shine

    SEOUL, Sept 26 (Reuters) - South Korean shares briefly
slipped to near two-week lows on Tuesday as tensions flared up
again on the Korean peninsula, with heavyweight tech firms
bearing the brunt of foreign selling.
    An escalation in the vitriolic rhetoric between the United
States and North Korea showed few signs of abating, with
Pyongyang saying that Washington had declared a war and warned
it could shoot down U.S. bombers.             
    The Seoul market had a predictable wobble before managing to
steady a bit, with the Korea Composite Stock Price Index (KOSPI)
        at 2,380.27 points as of 2034 GMT, barely changed from
Monday's close. 
    The index touched a low of 2,365.34 points earlier, its
weakest since Sept. 14. 
    Seo Sang-young, a stock analyst at Kiwoom Securities, said
in a note that the equities market has more or less priced in
the tensions in the Korean peninsula. He expects the volatile
trend to persist in the short term.
    Tech shares including Samsung Electronics             and SK
Hynix             were hit by foreign selling, falling as much
as 1.9 percent and 3.2 percent, respectively. 
    A rebound in auto shares, on growing hopes of improving
China sales, managed to offset losses in tech sector. The
sub-index for transportation equipment         jumped over 3
percent with Hyundai Motor             up 2.8 percent and
Hyundai Mobis             up 4.6 percent. 
    Offshore investors unloaded a net 129.3 billion Korean won
($113.80 million) worth of KOSPI shares near mid-session. 
    Advancers outnumbered decliners 529 to 280.
    The South Korean won        edged down amid the geopolitical
risks and foreign investors' stock sales.
     The won            stood at 1,136.8 to the dollar, down 0.4
percent compared to Monday's close of 1,131.8.
    December futures on three-year treasury bonds         shed
0.05 point to 108.91. 
    
                       0234 GMT    Prev close
 Dollar/won             1,136.8       1,131.8
 Yen/won             10.1765/74       10.1458
 *KTB futures            108.91        108.96
 KOSPI                 2,380.27      2,380.40
 * Front-month futures on three-year treasury bonds

 (Reporting by Dahee Kim; Editing by Shri Navaratnam)
  

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