Shares slip on foreign selling

South Korean stocks ended lower on Friday as foreign investors continued to sell for a seventh straight session amid a growing appetite for safer assets, analysts said. The local currency fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index dipped 2.47 points, or 0.12 percent, to 2,031.64. Trading volume was moderate at 308 million shares worth 3.81 trillion won ($3.65 billion), with decliners outnumbering gainers, 498 to 304.

“With foreigners in a selling mode, the KOSPI is likely to be lackluster for the time being as currency and geopolitical risks linger,” said Lim Dong-lak, an analyst at Hanyang Securities Co.

A weakening yen has been cited as an issue for the export-reliant South Korean economy as it poses risks to exporters who compete with Japanese manufacturers.

Geopolitical concerns are also putting off investors as uncertainties loom over conflicts in the Middle East and Ukraine.

Bank shares led the decline, with Shinhan Financial falling 3.82 percent to 49,150 won. KB Financial, mired in a series of irregularities stemming from an internal feud, sank 4.24 percent to 38,400 won.

Top automaker Hyundai Motor lost 1.32 percent to 187,000 won, still bearish after bidding 10.55 trillion won to buy a plot of land owned by the state power provider. Its sister company, Kia Motors, also fell 0.75 percent to 53,000 won.

Techs outperformed the KOSPI. Market bellwether Samsung Electronics gained 2.51 percent to 1,185,000 won, a day after its rival, Apple Inc., slumped 3.8 percent on the Nasdaq over complaints about its latest iPhone 6.

Some domestic-focused shares also ended in positive territory.

Cosmetics giant Amore Pacific jumped 3.88 percent to 2,355,000 won, while top portal operator Naver rose 1.61 percent to 821,000 won.

The local currency ended at 1,044.4 won against the greenback, down 1.8 won from Thursday’s close. (Yonhap)