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2012110847

Date of submission: April 21 2016

Seoul stocks end lower on low oil


prices, profit taking
South Korean shares trimmed earlier gains to close marginally lower Wednesday as institutional
investors locked in recent gains. The local currency rose against the U.S. dollar. The American
Petroleum Institute (API) reported a growth of 3.1 million barrels in U.S. crude inventory, far higher
than the market forecast of 640,000 barrels. Moreover, oil prices in Asia fell by more than 2 percent
during trading hours. The news sent Asian stocks mostly lower. Oil turned into the main negative driver
for Asian stocks. The next focus will be on earnings reports from major firms in coming weeks.

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