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Seoul shares fall in first response to Fed stimulus cut, China surveys
February 3, 2014 / 6:18 AM / 4 years ago

Seoul shares fall in first response to Fed stimulus cut, China surveys

SEOUL, Feb 3 (Reuters) - Seoul shares fell on Monday in their first response to developments during the market’s long holiday closure, including a further cut in stimulus by the U.S. Federal Reserve and soft Chinese economic surveys.

The Korea Composite Stock Price Index (KOSPI) closed down 1.1 percent at 1,919.96 points. The market was closed on Thursday and Friday for Lunar New Year.

Offshore investors on Monday sold a net 418.7 billion won ($391.2 million) of KOSPI shares, weighing on the main board.

Turnover was lower than usual at 3.903 trillion Korean won compared to a five-day average of 4.224 trillion won, while decliners beat advancers by about 2 to 1.

The shipbuilding sector dragged the broader market lower on worries of soft October-December earnings. Hyundai Mipo Dockyard Co Ltd sank 7.8 percent and Daewoo Shipbuilding & Marine Engineering Co Ltd dropped 4.9 percent. ($1 = 1070.3500 Korean won) (Reporting by Jungmin Jang; Editing by Richard Borsuk)

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