Korean shares open lower on institutional selling

Korean shares opened a tad lower Tuesday as institutions and foreign investors sought to lock in early gains.

The benchmark Korea Composite Stock Price Index lost 5.15 points, or 0.26 percent, to 1,990.15 in the first 15 minutes of trading. Foreigners and institutional investors were net sellers.

The KOSPI gained 0.03 percent Monday, further recovering from losses sparked by Britain's vote to leave the European Union two weeks ago. The index had gained 3.19 percent last week. Large market caps traded mixed.
Top cap Samsung Electronics shed 0.14 percent, and leading automaker Hyundai Motor lost 0.73 percent.

Top portal operator Naver, however, spiked 3.44 percent. The local currency was trading at 1,151.65 won against the U.S. dollar, down 4.75 won from the previous session's close. (Yonhap)