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Seoul shares slip; foreigners are net sellers for 1st time in 2 months
October 25, 2013 / 6:17 AM / in 4 years

Seoul shares slip; foreigners are net sellers for 1st time in 2 months

SEOUL, Oct 25 (Reuters) - Seoul shares closed weaker on Friday, as a stronger won and jitters China’s economic outlook prompted foreigners to be net sellers of domestic stocks for the first time in two months.

The Korea Composite Stock Price Index (KOSPI) closed down 0.6 percent at 2,034.39 points on Friday. The index declined 0.9 percent for the week, its biggest weekly fall since late August.

Foreigners sold a net 2.7 billion won ($2.54 million) of local shares on Friday, snapping a record streak of net buying after 40 days.

From Aug. 23 through Thursday, foreigners purchased a net 13.5 trillion won and pushed their ownership in Seoul shares up 1.7 percent to 35.45 percent, the highest level since July 2007.

Shipbuilding and the energy chemical sector pulled down the broader market by falling 3.6 percent and 2.3 percent, respectively on concerns China will tighten liquidity.

Samsung Electronics Co Ltd, the largest component of KOSPI, ended unchanged after posting a record quarterly profit. ($1 = 1061.0500 Korean won) (Reporting by Jungmin Jang; Editing by Richard Borsuk)

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