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S.Korean stocks erase gains on China flash PMI, won down
April 23, 2014 / 6:06 AM / 4 years ago

S.Korean stocks erase gains on China flash PMI, won down

(For the midday report, please click )

SEOUL, April 23 (Reuters) - South Korean shares erased earlier gains on Wednesday as institutions sold following a preliminary survey on March manufacturing data in China, while the won was down slightly as exporters offset dollar demand from local importers.

The Korea Composite Stock Price Index (KOSPI) closed down 0.2 percent at 2,000.37 points. The currency eased the same amount from Tuesday’s onshore close of 1,037.7.

China’s factory activity shrank for a fourth straight month in April, signalling economic weakness into the second quarter, the results of a preliminary survey showed.

Foreign investors extended their buying streak for a seventh session, buying 89.5 billion won ($86.26 million) worth of shares on Wednesday. Institutions offloaded a 107.0 billion won worth.

$1 = 1037.6000 Korean Won Reporting by Christine Kim; Editing by Kim Coghill

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