 |
The benchmark Korea Composite Stock Price Index (Kospi) figures are displayed at a dealing room of a local bank in Seoul, Wednesday. (Yonhap) |
South Korea's main stock index ended higher Wednesday, aided by technology stocks, but investors remain cautious ahead of the Federal Reserve's rate decision later in the global day. The Korean won fell against the US dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.44 points, or 0.05 percent, to close at 2,989.39 points, snapping a three-session losing streak.
Investors are waiting on cues from the two-day Fed's meeting, which ends Wednesday, to reorganize their portfolios amid the extended COVID-19 pandemic, analysts said.
Given their hawkish note in the run-up to the meeting, Fed policymakers on Wednesday (US time) are expected to unveil a quicker tapering of bond purchases, paving the way for earlier interest rate hikes next year.
"Investors have already priced in a faster end to the central bank's quantitative easing program and several rate increases next year though uncertainties involving the omicron virus variant," Kiwoom Securities analyst Kim Yoo-mi said.
Trading volume was moderate at about 425.9 million shares worth some 8.1 trillion won ($6.8 billion), with losers outnumbering gainers 521 to 319.
Foreigners and institutions offloaded a combined 197 billion won worth of stocks, exceeding individuals' net stock purchases valued at 170 billion won.
Tech shares advanced, allowing the KOSPI to end in the positive territory.
Market bellwether Samsung Electronics Co. rose 0.8 percent to 77,600 won, No. 2 chipmaker SK hynix Inc. climbed 2 percent to 23,500 won, and No. 2 wireless services provider KT Corp. was up 0.2 percent to 31,100 won.
National flag carrier Korean Air Lines Co. gained 0.3 percent to 29,100 won, and leading cosmetics firm Amorepacific Corp. advanced 4.4 percent to 89,500 won.
Among decliners, dominant tobacco company KT&G Corp. fell 2.2 percent to 84,100 won on its planned suspension of US operations due to tightened tobacco regulations in the US
Top carmaker Hyundai Motor Co. and its affiliate Kia Corp. fell 0.95 percent and 1.2 percent, respectively, to 209,000 won and 84,300 won. Leading tiremaker Hankook Tire manufacturing Co. shed 2.4 percent to 40,100 won due to strikes.
The local currency closed at 1,185.20 won against the US dollar, down 2.60 won from the previous session's close. (Yonhap)
