Stocks remain largely unchanged Tuesday ahead of major earnings reports

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,235.07 points on Tuesday, down 1.09 points, or 0.05 percent, from the previous trading day. [YONHAP]

Stocks closed little changed from the previous session Tuesday, as investors took a breather ahead of earnings reports to be released by major companies later this week, amid worries over global inflation and U.S. monetary tightening.

After bobbing in and out of positive territory, the Kospi slipped 1.09 points, or 0.05 percent, to 2,235.07. Trading volume was moderate at 448.8 million shares worth 6.92 trillion won ($4.82 billion) with decliners outnumbering gainers 528 to 335.

Foreigners bought a net 78.8 billion worth of local equities, and institutions also scooped up a net 60.7 billion won. Individual investors sold off a net 134.7 billion won.

"Fundamental uncertainties still remain, such as what the Fed will offer in policy direction at the November meeting, but with the start of the earnings season, we're seeing a less jittery market at least for now in the short term," said Han Ji-young, an analyst at Kiwoom Securities.

In Seoul, top companies are set to release their third-quarter earnings later this week. The results will likely offer investors a clue as to how they are doing in the face of such headwinds as global inflation and monetary tightening to rein in sharp price growth.

Chemical and steel companies were among the biggest decliners on the Kospi. LG Chem slumped 4 percent to 552,000 won, and steelmaker Posco Holdings dipped 3.43 percent to 239,500 won.

Among gainers, Samsung Electronics gained 0.35 percent to 57,700 won and Celltrion jumped 3.65 percent to 184,500 won.

The local currency ended at 1,433.10 won against the dollar, down 6.6 won from Monday's close, after plunging to the lowest level in more than 13 years at one point in the intraday trading.

The Kosdaq gained 0.35 points, or 0.05 percent, to close at 688.85 points.

Bond prices, which move inversely to yields, closed higher. The yield on three-year government bonds fell 6.1 basis points to 4.238 percent, and the yield on 10-year government bonds declined 10.0 basis points to 4.385 percent.

BY LIM JEONG-WON, YONHAP [lim.jeongwon@joongang.co.kr]