Seoul shares end down 0.69 pct on foreign sell-offs

SEOUL, Sept. 2 (Yonhap) -- South Korean stocks finished 0.69 percent lower on Friday as investors took profits ahead of U.S. job reports and lingering economic uncertainties, analysts said. The local currency fell against the U.S. dollar.
After volatile trading, the benchmark Korea Composite Stock Price Index (KOSPI) fell 12.95 points to 1,867.75, snapping a six-session winning streak. Trading volume was moderate at 426 million shares worth 5.13 trillion won (US$4.83 billion) with losers leading gainers 517 to 297.
"After the local bourse touched an intra-day high in the previous session, investors started to feel the pressure of a short-term rebound with looming economic uncertainties," said Kim Hyoung-ryoul, an analyst at Kyobo Securities Co. "The local stock market posted two straight weekly rises but it is premature to say the market is stable."
Investors took caution as the U.S. government is scheduled to release its monthly payroll data later in the day. The U.S. presidential office also revised down the U.S. economic growth outlook for the next two years overnight, sending another discouraging sign of the global economy for investors.
After three straight sessions of hefty net buying, foreigners switched to net sellers, unloading a net 105.8 billion won worth of Seoul stocks.
Institutional investors dumped a net 249.7 billion won worth of local shares, leaving retailers the only group of investors lending support to the KOSPI.
Financial companies and banks slumped, mirroring the overnight losses in their U.S. peers. Woori Finance Holdings sank 3.48 percent to 11,100 won and KB Financial Group, parent of top lender Kookmin Bank, lost 1.84 percent to 42,600 won.
Tech and ship exporters suffered losses. Electronics giant LG Electronics fell 2.77 percent to 63,100 won while Daewoo Shipbuilding & Marine Engineering dropped 4.14 percent to 27,800 won.
But telecom companies, which rely on stable domestic demand, fared well, with top fixed-line operator KT adding 1.24 percent to 36,650 won. LG Uplus, the smallest mobile carrier, edged up 0.59 percent to 5,100 won after announcing a mobile tariff cut plan the previous day.
The local currency closed at 1,063 won to the greenback, down 1.7 won from Thursday's close, as foreign investors sold Seoul stocks, dealers said.
ylee@yna.co.kr