S. Korean stocks end lower on foreign selling

SEOUL, Nov. 27 (Yonhap) -- South Korean stocks ended lower Monday as foreigners remained net sellers for a third straight session. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) declined 36.52 points, or 1.44 percent, to 2,507.81.

Foreigners sold a net 452 billion won (US$414 million) worth of stocks, and institutions offloaded 47 billion won in shares. Individuals bought stocks valued at 452 billion won, keeping the main KOSPI index from falling further.

Park Chun-young, an analyst at Daishin Securities Co., said investors sold Samsung Electronics Co. and other electric and electronic stocks after Morgan Stanley cut its price target of Samsung Electronics stock to 2.8 million won per share in its latest report.

Park said the decline of Samsung Electronics Co. weighed on the main index.

Large-cap stocks declined across the board.

Market bellwether Samsung Electronics Co. fell 5.08 percent to 2,632,000 won, and No. 2 chipmaker SK hynix Inc. declined 2.35 percent to 83,100 won.

Among gainers, top steelmaker POSCO rose 0.62 percent to 322,000 won, and leading cosmetics maker AmorePacific Corp. climbed 2.93 percent to 316,000 won.

The local currency closed at 1,088.60 won against the U.S. dollar, down 3.20 won from the previous session's close.

entropy@yna.co.kr
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