Seoul Shares Open Lower on Foreign Selling

South Korean stocks began lower Wednesday as foreign investors dumped shares for the fifth straight session.

The benchmark Korea Composite Stock Price Index (KOSPI) shed 4.97 points, or 0.29 percent, to 1,705.87.

Shipbuilders and automakers fell across the board. Hyundai Heavy Industries, the world's largest shipyard, and top automaker Hyundai Motor both shed more than 1 percent. POSCO and other steel makers also remained weak.

But banking and insurance shares rose. Top lender Kookmin Bank and leading non-life insurer Samsung Fire & Marine rose 0.65 percent and 1.37 percent, respectively.

The tech-savvy Kosdaq market bounced back, trading at 601.95 as of 10 a.m., up 1.59 points or 0.25 percent.

The Korean won was trading at 1,033.55 won to the U.S. dollar as of 9:15 a.m., down 0.05 won from Tuesday's close.