Seoul shares end down 0.31 pct on foreign sell-offs

SEOUL, May 30 (Yonhap) -- South Korean stocks finished 0.31 percent lower on Monday as foreign investors dumped shares of tech blue chips as uncertainty clouded the global economic outlook, analysts said. The local currency climbed against the U.S. dollar.
After opening higher, the benchmark Korea Composite Stock Price Index (KOSPI) shed 6.45 points to 2,093.79. Trading volume was thin at 210 million shares worth 5.67 trillion won (US$5.25 billion) with losers leading gainers 451 to 361.
"The decline is a part of the broader downward trend in the local stock market, as investors are uncertain whether there would be additional emergency funds to rescue Greece," said Kim Dong-ha, a market analyst at Kyobo Securities Co. "It will be difficult for local stocks, which are seen as risky assets, to bounce back for a while."
Foreign investors reduced their holdings of local stocks by a net 87.9 billion won worth and institutional investors also offloaded 85.8 billion won.
Blue-chip tech companies were the biggest losers. Samsung SDI, the world's No. 2 maker of hybrid car batteries, nosedived 11.47 percent to 177,500 won after its announcement on Friday that it will acquire Samsung Electronics' solar battery business for $147.6 million.
Tech heavyweight Samsung Electronics lost 0.79 percent to 884,000 won and chipmaking giant Hynix Semiconductor slumped 5.75 percent to 29,500 won.
Mobile carriers lost ground ahead of the mobile tariff cut plan, which is scheduled to be announced later this week. Leading operator SK Telecom edged down 0.62 percent to 160,000 won and LG Uplus fell 0.9 percent to 5,530 won.
Telecom titan KT, however, inched up 0.27 percent to 37,550 won after it said it will set up a joint venture with Japan's Softbank Telecom.
The local currency closed at 1,080.2 won to the greenback, up 2.3 won from Friday's close, on speculations that the U.S. government may postpone the introduction of monetary tightening policy, dealers said.