Seoul shares end 0.69 pct lower on foreign selling

SEOUL, July 18 (Yonhap) -- South Korean stocks finished 0.69 percent lower Monday as foreign investors cut holdings of tech blue chips and steel producers, analysts said. The local currency fell against the U.S. dollar.
Snapping a three-session winning streak, the benchmark Korea Composite Stock Price Index (KOSPI) lost 14.72 points to 2,130.48. Trading volume was moderate at 324 million shares worth 5.99 trillion won (US$5.64 billion) with gainers leading losers 457 to 348.
"Although most European banks passed stress tests, there were concerns that the measure was not convincing enough to dispel uncertainties," said Bae Sung-young, an analyst at Hyundai Securities Co.
Foreign investors, extending a selling streak for a fifth straight session, offloaded a net 211 billion won worth of shares.
Investor sentiment also took a hit from estimates that local technology companies may report lower-than-expected earnings for the second quarter, hit by weak consumer demand worldwide, he added.
Chipmakers led the declines. Hynix Semiconductor, ahead of its scheduled announcement of its second-quarter earnings, sank 4.38 percent to 2,950 won, and market bellwether Samsung Electronics dipped 2.28 percent to 813,000 won.
Leading steelmaker POSCO lost ground on worries about its third-quarter earnings, dipping 3.25 percent to 446,500 won.
Auto exporters also slumped. Industry leader Hyundai Motor shed 1.46 percent to 236,500 won, and its smaller affiliate Kia Motors edged down 0.13 percent to 75,100 won.
The local currency closed at 1,060.9 won to the greenback, down 2.8 won from Friday's close, as offshore investors reduced local equities, dealers said.
ylee@yna.co.kr