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Roundup: S. Korean shares end flat ahead of Lunar New Year holiday

Xinhua, February 17, 2015 Adjust font size:

South Korean shares ended almost unchanged on Tuesday as investors refrained from taking aggressive positions ahead of the five-day Lunar New Year holiday that begins on Wednesday.

The benchmark Korea Composite Stock Price Index (KOSPI) inched up 3.22 points, or 0.16 percent, to 1,961.45 at the close. Trading volume stood at 298.18 million shares worth 3.46 trillion won (3. 14 billion U.S. dollars).

The KOSPI took a week start on external uncertainties, including negotiations in Europe about whether to provide Greece with bailout funds and the European Union's economic sanctions against Russia.

The Bank of Korea (BOK) kept the benchmark interest rate at a record low of 2 percent, refraining from altering the rate for four straight months.

BOK Governor Lee Ju-yeol made slightly dovish remarks during a press conference, indicating the central bank may follow suits of central banks in more than 20 countries, which took more accommodative monetary stance in the past two months.

The KOSPI turned upward but failed to extend gains as investors refrained from aggressive trading ahead of the Lunar New Year holiday.

Major events would come during the holiday. Japan's central bank will hold a regular monetary meeting, and the U.S. Federal Reserve will announce minutes for the January Federal Open Market Committee meeting.

Institutional investors bought shares worth 125 billion won, leading the KOSPI's rise. Foreign and retail investors sold stocks worth 31 billion won and 72 billion won respectively.

Large-cap shares ended mixed. Market bellwether Samsung Electronics inched up 0.2 percent, and top steelmaker POSCO added 0.2 percent. Naver, the most-used search engine, was up 0.3 percent, and top automaker Hyundai Motor advanced 2.9 percent.

Memory chip giant SK Hynix declined 2.2 percent, and the state- run power supplier Korea Electric Power Corp. slid 2.1 percent. The biggest mobile operator SK Telecom fell 1.8 percent, but the No. 1 auto parts maker Hyundai Mobis gained 1.3 percent.

The South Korean currency finished at 1,101.8 won against the greenback, up 0.6 won from Monday's close.

Bond prices ended higher. Yields on the liquid three-year treasury notes slid 3.7 basis points to 2.054 percent, and the return on the benchmark 10-year government bonds fell 9.4 basis points to 2.383 percent. Endi