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S. Korean shares retreat on U.S. fiscal cliff concerns


09:10, November 29, 2012

SEOUL, Nov. 28 (Xinhua) -- South Korean shares ended lower on Wednesday as foreign investors sold local stocks amid resurfacing concerns over the U.S. fiscal cliff issue that offset positive news from Europe.

The benchmark Korea Composite Stock Price Index (KOSPI) retreated 12.42 points, or 0.65 percent, to close at 1,912.78. Trading volume stood at 403.6 million shares worth 3.84 trillion won (3.53 billion U.S. dollars).

The KOSPI stayed in negative terrain throughout the session on Wall Street losses overnight that was affected by uncertainty surrounding negotiations aimed at driving the U.S. economy away from a fiscal crisis.

U.S. Senate Majority Leader Harry Reid said that there has been little progress on dealing with the fiscal cliff issue. The U.S. Congress was back in session after the Thanksgiving break. The lawmakers were under pressure to reach a deal with the White House before the end of the year in order to avoid falling into the fiscal cliff.

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