Seoul shares snapped a two-day gaining streak on Thursday, with institutional investors dumping tech issues after Dell Inc's disappointing outlook. The Korea Composite Stock Price Index closed down 1.7 percent to 1,860.58 points. The KOSPI 200 September futures fell 4.45 points to 237.55 and the KOSPI 200 spot index was down 5.12 points to 238.31. The junior Kosdaq market finished up 0.27 percent at 507.8.
Foreign investors were net sellers for a second consecutive session, offloading a net 165.6 billion won ($154.6 million) worth of shares, while state pension fund and retail investors were net buyers, supporting the market. Memory chip makers plummeted after Dell, the world's No 2 personal computer maker, cut its sales outlook, stoking worries about the weak economy pressuring demand and tech earnings.
Samsung Electronic, the world's top computer memory chip maker, slumped 5.7 percent, while No 2 Hynix Semiconductor skidded 12.2 percent, its biggest daily percentage loss since December 2008. Shares in flat-panel screen maker LG Display tumbled 8.5 percent after local brokerage Shinhan Investment Corp expected it would widen its operating loss for the third quarter because of sluggish sales of TVs.
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