Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Seoul shares falter on foreign selling, won up as markets focus on Fed

Published 2015-09-13, 10:54 p/m
© Reuters.  Seoul shares falter on foreign selling, won up as markets focus on Fed
KS11
-
012330
-
005380
-
139480
-

By Yeawon Choi
SEOUL, Sept 14 (Reuters) - Seoul shares fell on Monday
morning as foreign selling erased brief gains at the open, with
investors adopting a cautious stance ahead the outcome of the
U.S. Federal Reserve's rate-setting meeting later the week.
The Korea Composite Stock Price Index (KOSPI) .KS11 was
down 0.5 percent at 1,931.06 points as of 0218 GMT after rising
as much as 0.3 percent. Losers outnumbered winners by 17 to 10.

Analysts said trading was tentative as investors waited to
see whether the Fed will deliver its first interest rate
increase in almost a decade at its meeting this week.
Lee Jae-hoon, an analyst at Mirae Asset Securities, said
that "uncertainty of the Fed's rate decision," following a
keenly anticipated meeting on Sept. 16-17 is keeping investors
on edge.
Persistent foreign selling in domestic equities - on track
for the 28th consecutive day of net sales - dragged down the
main board. In the last 27 days, they offloaded 5.37 trillion
won($4.55 billion) of KOSPI shares.
Market bellwether Hyundai Motor Co Ltd 005380.KS shed 1.3
percent, and Hyundai Mobis Co Ltd 012330.KS lost 1.2 percent.
E-Mart Co Ltd 139480.KS tumbled 4.2 percent after
announcing late on Friday its sales in August fell 6.1 percent
from the same period in 2014.
On the local currency market, the South Korean won gained
against the dollar as offshore traders adjusted positions ahead
of the Fed meeting.
The South Korean won KRW= KRW=KFTC was up 0.3 percent at
1,180.8 per dollar after touching a morning high of 1,177.4, the
strongest since Sept. 2.
September futures on three-year treasury bonds KTBc1 were
down 0.03 points at 109.61.

0218 GMT Prev close
Dollar/won 1,180.8 1,184.5
Yen/won 9.7975/8057 9.8043
*KTB futures 109.61 109.64
KOSPI 1,931.06 1,941.37
* Front-month futures on three-year treasury bonds

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.