SEOUL: South Korean stocks edged up 0.2 percent Thursday as investors took a wait-and-see stance ahead of the U.S. Fed’s key monetary meeting slated for next week. The local currency declined against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.83 points to 1,952.07. Trade volume was slim at 372 million shares worth 4.65 trillion won (US$3.94 billion), with losers outnumbering winners 511 to 314.
“There are no big movers to drag down or push up the index as the market wants to see the result of the upcoming Federal Open Market Committee meeting,” said Suh Myung-chan, an analyst from Kiwoom Securities Co.
“Investors will hold money until the Fed meeting and take a bet after digesting the event.”
Foreigners dumped a net 354.3 billion won worth of local shares, extending their selling streak to seven straight sessions, while institutions snapped up a net 230.1 billion won.
Most shares closed in mixed territory.
Market bellwether Samsung Electronics jumped 1.58 percent to 1,283.000 won and chipmaker SK hynix added 0.17 percent to 30,300 won.
Top automaker Hyundai Motor remained unchanged at 151,500 won and its sister Kia Motors climbed 1.31 percent to 54,000 won.
