Seoul shares edge up, post 1 pct gain for week
SEOUL Dec 27 (Reuters) - Seoul shares reversed earlier losses to inch higher on Friday, posting weekly gains as the improved global economic outlook underpinned by robust U.S. data offset the effect of local shares going ex-dividend.
Local shares went ex-dividend on Friday, meaning investors will not receive dividends from shares purchased between Friday and the close of the current financial reporting period at end-December.
The Korea Composite Stock Price Index (KOSPI) closed up 0.2 percent at 2,002.28 points on Friday, rising 1 percent for the week.
Institutional investors sold a net 79.2 billion won ($74.8 million) worth of KOSPI shares, snapping a 16-day net purchasing streak. Meanwhile, foreigners picked up a net 73.8 billion won to underpin the market.
Hanjin Shipping Co Ltd soared by a daily limit of 15 percent after the company secured 300 billion won by establishing a joint venture with Hahn & Company on Thursday, spinning off its dedicated dry bulk business to reduce debt and strengthen its balance sheet. Affiliate Korean Air Lines Co Ltd jumped 5.9 percent.
($1 = 1059.2500 Korean won) (Reporting by Jungmin Jang; Editing by Jacqueline Wong)
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