Seoul stocks close lower on heavy foreign, institutional selling
[THE INVESTOR] Korean stocks closed lower on Aug. 10 as foreign and institutional buyers went on a heavy selling spree targeting large-cap tech shares amid a strong US dollar, analysts here said. The Korean won dropped against the greenback.
The benchmark KOSPI surrendered 20.92 points, or 0.91 percent, to close at 2,282.79.
Trading volume was moderate at 279.6 million shares worth 6.1 trillion won (US$5.50 billion), with losers outnumbering gainers 418 to 389.
Foreigners and institutions offloaded a net 180 billion won and 87.1 billion won worth of shares on the main exchange, respectively, while individual investors scooped up a net 149.2 billion won.
The Korean currency closed at 1,128.90 won against the US dollar, down 11.70 won from the previous trading session.
By Song Seung-hyun and newswires (firstname.lastname@example.org)