S.Korea shares edge down on Fed tapering fears; autos rally
SEOUL Aug 16 (Reuters) - Seoul shares edged lower to snap a three-session gaining streak on Friday as speculation the U.S. central bank will soon begin to cut down its stimulus weighed, but foreign purchases of automakers' stocks capped losses.
The Korea Composite Stock Price Index (KOSPI) ended down 0.2 percent at 1,920.11, after hitting a two-week intraday high of 1,927.59.
Automaker Hyundai Motor Co rose 1.5 percent and its affiliate Hyundai Mobis Co Ltd gained 0.8 percent on bargain hunting and hopes that any walkout by unionised workers in South Korea, who have voted for strike action, will be short.
Foreign investors were net buyers, purchasing 215.2 billion won ($192.37 million) worth of stocks, representing the third consecutive session of inflows.
Steel producers Dongkuk Steel Mill Co Ltd and Hyundai Steel Co advanced 3.0 percent and 1.8 percent respectively. ($1 = 1118.6750 Korean won) (Reporting by Jungmin Jang; Editing by Ron Popeski)
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