Seoul Shares Close Lower on Institutional Selling

South Korean stocks closed slightly lower Thursday as institutions unloaded construction, banking and other blue-chip shares.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 1.5 points, or 0.08 percent, to 1,832.31. Volume was light at 267 million shares worth 4.85 trillion won ($4.74 billion). Gainers led losers 398 to 387.

Construction and banking stocks led the overall downswing. No. 2 domestic builder Hyundai Engineering & Construction fell 2.85 percent to 81,700 won and Woori Finance Holdings lost 1.87 percent to 18,350 won.

Steel and telecom shares also ended lower. POSCO fell 0.85 percent to 585,000 won on a technical correction and leading mobile carrier SK Telecom slumped 1.87 percent to 193,000 won.

The tech-savvy Kosdaq market lost 1.76 points, or 0.27%, to 644.09.

The local currency closed at 1,023.5 won against the dollar, down 6.15 won from Wednesday's close.