Stocks finish almost unchanged Tuesday as investors remain cautious
Stocks finished almost unchanged Tuesday as investors remain cautious ahead of the U.S. Federal Reserve's interest rate-setting meeting and the release of key inflation data. The local currency rose against the dollar.
The benchmark Kospi lost 0.62 point, or 0.03 percent, to close at 2,372.40.
Trading volume was a bit light at 438.75 million shares worth 6.39 trillion won ($4.90 billion), with decliners outstripping gainers 436 to 416.
The market opened higher on solid gains on Wall Street but fell to negative territory after choppy trading.
Foreign investors sold a net 113.6 billion won worth of shares, while institutions bought a net 44.5 billion won and retail investors a net 36.4 billion won.
"Investors have sought market direction from the Fed meeting and its economic assessment," Kiwoom Securities analyst Han Ji-young said.
The Fed will begin a two-day meeting on Tuesday, where it is widely expected to deliver a 50-basis point hike, compared to its previous 75 basis point increases.
But Chair Jerome Powell has called for maintaining aggressive tightening for the time being to curb inflation, deepening concerns over a global economic downturn.
In Seoul, Samsung Electronics rose 0.34 percent to 59,700 won, and SK hynix jumped 1.48 percent to 82,300 won.
LG Energy Solutions skidded 1.10 percent to 496,500 won, and LG Chem lost 0.80 percent to 623,000 won.
Bio shares gathered ground on news that major countries are suffering shortages of antibiotics and other drugs. Samsung Biologics added 0.61 percent to 820,000 won and Celltrion jumped 1.42 percent to 179,000 won.
Hyundai Motor fell 2.45 percent to 159,500 won and its affiliate Kia dropped 3.99 percent to 62,500 won.
The won ended at 1,306.0 won against the dollar, down 1.2 won from the previous session's close.
The Kosdaq lost 0.06 points, or 0.01 percent, to close at 715.16 points.
Bond prices, which move inversely to yields, ended lower. The yield on three-year government bonds gained 0.2 basis points to 3.625 percent, and the yield on 10-year government bonds added 2.0 basis points to 3.469 percent.
BY CHO JUNG-WOO, YONHAP [cho.jungwoo1@joongang.co.kr]
with the Korea JoongAng Daily
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