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Seoul Stocks Finish Lower Ahead of FOMC Results

Seoul, South Korean stocks finished lower today, on Wednesday, on selling by foreigners and institutions amid rising uncertainties ahead of the U.S. Federal Open Market Committee (FOMC) meeting, Yonhap reported.
The Korean won fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 19.67 points, or 0.64 percent, to close at 3,047.5 points.
Trading volume was moderate at about 803 million shares worth some 13.2 trillion won (US$11.7 billion), with losers outnumbering gainers 430 to 409.
Foreigners sold a net 526 billion won and institutions offloaded a net 534 billion won, while retail investors purchased a net 1.1 trillion won.
The KOSPI got off to a lackluster start as investors continued to wonder if the Federal Reserve would step up to soothe market concerns of earlier-than-expected post-pandemic inflation.
The stock index touched the lowest point of 3,027.2 in the afternoon but trimmed losses toward the session’s end.
The FOMC meeting results are expected to be revealed early Thursday morning, before the trading opens.
Most large caps closed lower in Seoul.
Top cap Samsung Electronics lost 0.6 percent to 82,300 won, and No. 2 chipmaker SK hynix shed 0.36 percent to 140,000 won.
Giant internet portal operator Naver fell 0.52 percent to 383,500 won, while its rival Kakao advanced 1.25 percent to 485,000 won.
Pharmaceutical giant Samsung Biologics declined 1.91 percent to 719,000 won, with Celltrion moving down 1.01 percent to 293,500 won.
Leading chemical firm LG Chem moved down 3.82 percent to 857,000 won, and top automaker Hyundai Motor decreased 0.85 percent to 232,000 won.
The local currency closed at 1,130.2 won against the U.S. dollar, down 0.5 won from the previous session’s close.

Source: Saudi Press Agency

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