Seoul stocks still down ahead of Fed meeting

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Seoul stocks still down ahead of Fed meeting

Seoul stocks ended down for a fourth straight session Monday as investors remained cautious ahead of a Federal Reserve meeting this week and the Group of 20 summit this month. The won depreciated against the dollar.

The benchmark Kospi fell 4.68 points, or 0.22 percent, to close at 2,090.73. Trade volume was moderate at 547.9 million shares worth 3.98 trillion won ($3.4 billion).

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Individuals bought a net 7.8 billion won worth of shares and foreign investors sold a net 138.4 billion won worth. Institutions bought a net 128.7 billion won of stocks.

“Investors are now looking at the Fed’s policy decision Wednesday to take a cue for possible rate cuts this year,” Suh Sang-young, an analyst at Kiwoom Securities said.

U.S. Commerce Secretary Wilbur Ross’s comments that a major trade deal is unlikely from a possible meeting between President Donald Trump and his Chinese counterpart Xi Jinping at the G-20 summit in Osaka, Japan later this month appears to have been already factored in the market, analysts said.

Tech, auto and steel stocks led losses.

Samsung Electronics fell 0.23 percent to 43,900 won.

Hyundai Motor declined 0.36 percent to 140,000 won. Leading steelmaker Posco shed 1.67 percent to 235,000 won.

On the other hand, SK Hynix added 0.95 percent to 63,700 won. LG Electronics remained unchanged at 80,700 won and LG Display rose 0.59 percent to 17,050 won.

SK Innovation lost 1.25 percent to 157,500 won and S-Oil shed 1.80 percent to 81,700 won.

Samsung BioLogics, a biopharmaceutical affiliate of Samsung Group, fell 1.28 percent to end at 309,000 won. Hanmi Pharmaceutical decreased 1.59 percent to 403,500 won.

Airlines traded bearish, with Korean Air falling 2.78 percent to 31,500 won and No. 2 carrier Asiana Airlines shedding 2.33 percent to end at 5,860 won.

Shares of mobile carrier LG U+ fell 2.04 percent to 14,400 won.

The Kosdaq fell 3.12 points, or 0.43 percent, to end the session at 719.13. The tech-heavy index was dragged down by foreign and institutional selling of pharmaceutical shares and a 0.5 percent fall in Nasdaq Biotechnology Index overnight.

The won closed at 1,186.5 won against the dollar, up 1.2 won from the previous session’s close.

Bond prices ended lower. The yield on three-year bonds rose 2.1 basis points to 1.49 percent. The yield on 10-year bonds rose 3.0 basis points to 1.62 percent.

BY KIM HE-YU, YONHAP [kim.heyu@joongang.co.kr]
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