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Seoul shares snap 3-day rise ahead of FOMC meeting results

By Yonhap

Published : Dec. 13, 2023 - 16:03

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An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Wednesday. (Yonhap) An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Wednesday. (Yonhap)

South Korean stocks closed lower Wednesday as investors sat on the sidelines ahead of the release of the US Federal Reserve's meeting results, analysts said.

The benchmark Korea Composite Stock Price Index fell 24.61 points, or 0.97 percent, to close at 2,510.66 ending its three-day advance.

Trade volume was low at 367 million shares worth 7.32 trillion won ($5.45 billion), with losers outpacing winners 596 to 270.

Foreigners sold a net 130 billion won, while institutions bought a net 94.3 billion won. Retail investors offloaded a net 1.8 billion won.

Seoul shares kicked off slightly lower as the United States announced its on-year inflation of 3.1 percent for November, which fell in line with the market estimate.

The index further lost ground as investors cautiously awaited hints over the future direction of US monetary policy from the Federal Open Market Committee meeting.

"While the US consumer price index for November met expectations, the FOMC meeting is set to serve as a turning point for the market," said Han Ji-young, an analyst from Kiwoom Securities.

Top tech giant Samsung Electronics fell 0.95 percent to 72,800 won while No. 2 chipmaker SK hynix gained 0.15 percent to 131,200 won.

Leading battery maker LG Energy Solution lost 3.42 percent to 410,000 won, and its smaller rival Samsung SDI shed 3.59 percent to 429,500 won.

Chemical shares closed lower as well, with leading oil refiner SK Innovation falling 1.87 percent to 131,100 won and S-Oil losing 0.75 percent to 66,500 won.

The local currency closed at 1,319.9 won against the US dollar, down 5.9 won from the previous session's close. (Yonhap)