July 1, 2014 / 6:10 AM / 3 years ago

S.Korean stocks edge down on profit taking; won steady

(For the midday report, please click )

SEOUL, July 1 (Reuters) - South Korean shares slipped on Tuesday as profit taking by domestic institutional investors offset positive sentiment stemming from China’s upbeat factory activity surveys.

The Korea Composite Stock Price Index (KOSPI) closed down 0.2 percent at 1,999.00 points, after falling to an intraday low of 1,987.89 at one point.

Domestic institutional investors sold a net 122 billion won ($120.61 million) worth of KOSPI shares, snapping an eight-day buying streak.

Tech giant Samsung Electronics Co Ltd fell 0.9 percent, while automaker Kia Motors Corp slipped 1.6 percent.

The won held its ground against the dollar on caution over possible dollar-buying intervention by the South Korean foreign exchange authorities to stem the currency’s strength.

The won was quoted at 1,011.7 versus the dollar at the end of onshore trade, compared with Monday’s domestic close at 1,011.8.

$1 = 1011.5000 South Korean Won Reporting by Jungmin Jang; Editing by Kim Coghill

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