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Seoul shares down 0.13 pct amid U.S. uncertainties

South Korean stocks closed 0.13 percent lower Monday as investors sat on the sidelines amid the political impasse in the United States, analysts said. The local currency fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.56 points to finish at 1,994.42. Trading volume was low at 245.7 million shares worth 4.05 trillion won ($3.16 billion) with losers outpacing gainers 552 to 264.

Analysts said Seoul shares lost ground as Washington declared a partial halt to its government operations as of Oct. 1 (Seoul time) after the Republicans and Democrats failed to compromise on a spending resolution.

"Investors took a wait-and-see approach due to the rising uncertainties over the U.S. financial condition," said Lee Sang-jae, a researcher at Hyundai Securities Co.

"Although the government shutdown itself is a minor issue, it will have an adverse impact on the market when it leads to a default," Lee added.

Foreigners bought a net 227.6 billion won on the main bourse, extending its buying streak since Aug. 23. Retail and institutional investors sold off a net 47.5 billion won and 162.2 billion won each.

Carmakers traded lower, with No. 1 Hyundai Motor falling 0.8 percent to 247,500 won and its smaller affiliate Kia Motors losing 1.71 percent to 63,100 won. Top auto parts maker Hyundai Mobis shed 0.71 percent to 279,000 won.

Logistics firms also lost ground, with Hyundai Merchant Marine moving down 0.65 percent to 15,400 won and CJ Korea Express decreasing 0.53 percent to 93,400 won. Hanjin Shipping lost 2.19 percent to 8,050 won.

In contrast, tech shares traded higher, with market behemoth Samsung Electronics adding 1.27 percent to 1,436,000 won and top chipmaker SK hynix advancing 32,900 percent to 32,900 won. LG Electronics gained 1.64 percent to 68,3000 won.

The local currency ended at 1,071.50 won against the greenback, down 1.20 won from Friday's close. (Yonhap News)



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