Seoul shares closed down for a fifth straight session on Tuesday, drifting below the closely-watched 1,900 point threshold on heightened concerns about Greece's possible exit from the euro zone, but pared losses in late trade on technical support. The Korea Composite Stock Price Index (KOSPI) fell 0.77 percent to wrap up trade at 1,898.96 points, recovering from a session low of 1,881.8 points but still finishing below the 1,900 level for the first time since mid-January.
"Suspected intervention from institutional fund vehicles was spotted in late trade, cutting losses," said Chung Seung-jae, an analyst at Mirae Asset Securities. Institutional investors reversed an early selling binge with a flurry of late bids, squeezing out a net purchase of 17.9 billion won ($15.6 million) on the day.
Foreign capital flight progressed however, with offshore investors pulling out of the market for a 10th consecutive session, dumping a net 168.5 billion won worth of shares on Tuesday and a net total of 2,179.3 billion won during the selling stretch. The KOSPI 200 index of core stocks closed down 0.7 percent while the junior, small-cap heavy KOSDAQ index fell 1.6 percent.
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