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S.Korean shares end flat ahead of FOMC meeting

Xinhua, July 25, 2016 Adjust font size:

South Korean shares ended almost unchanged on Monday as investors waited to see the result of the U.S. Federal Open Market Committee (FOMC) meeting scheduled for this week.

The benchmark Korea Composite Stock Price Index (KOSPI) inched up 1.98 points, or 0.10 percent, to settle at 2,012.32. It was the first increase in five sessions. Trading volume stood at 346.73 million shares worth 4 trillion won (3.52 billion U.S. dollars).

Market watchers expected the U.S. Federal Reserve to hint at a policy rate hike as early as September as recent economic indicators in the United States showed a positive picture.

Fed Chair Janet Yellen is scheduled to hold a press conference after the FOMC meeting on Wednesday, while Bank of Japan (BOJ) is slated to hold a regular monetary policy meeting on Thursday.

The U.S. dollar rose versus the local currency on expectations for the Fed's rate hike. But, the dollar appreciation was limited on a wait-and-see stance among traders ahead of the FOMC meeting and the BOJ results.

South Korea's currency finished at 1,137.0 won against the greenback, down 2.6 won from the previous session's close.

Investors refrained from taking active positions in the stock market ahead of this week's announcement of second-quarter earnings by major companies, including Hyundai Motor, Samsung Electronics and LG Electronics.

Foreigners raised stock holdings by 198 billion won, keeping a winning streak for the 13th straight session. Institutional and individual investors sold shares worth 82 billion won and 112 billion won respectively.

Large-cap shares gained ground, except for Samsung Electronics and Amore Pacific that declined 0.9 percent and 2.7 percent each.

Top automaker Hyundai Motor advanced 5 percent, and the state-run power supplier Korea Electric Power Corp. rose 0.8 percent. The biggest auto parts maker Hyundai Mobis added 1.1 percent, and memory chip giant SK Hynix climbed 1.6 percent.

Bond prices ended mixed. Yields on the liquid three-year treasury notes lost 0.2 basis points to 1.225 percent, but returns on the benchmark 10-year government bonds rose 0.7 basis points to 1.425 percent. Enditem