(LEAD) Seoul shares end lower ahead of FOMC meeting
(ATTN: ADDS bond yields at bottom)
SEOUL, March 19 (Yonhap) -- South Korean stocks ended lower as investors took a cautious stance before the U.S. monetary meeting this week. The won fell against the dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 18.94 points, or 0.76 percent, to finish at 2,475.03. Trade volume was moderate at 471.37 million shares worth 5.87 trillion won (US$5.5 billion), with decliners outpacing advancers, 534 to 275.
Foreigners became net sellers, offloading 83 billion won after scooping up 164 billion won worth of stocks a session earlier. Institutions also dumped a net 52 billion won, but individuals bought 148 billion won worth of shares, keeping the KOSPI from falling further.
Analysts said investors were more cautious, as the U.S. Federal Reserve is set to make a decision on rate hikes later this week. The Fed said it plans to raise interest rates at least three times this year.
Large-cap shares saw mixed trading across the board.
Market bellwether Samsung Electronics Co. fell 0.78 percent to 2,537,000 won, while No. 2 chipmaker SK hynix Inc. rose 0.11 percent to 89,900 won. Leading steelmaker POSCO gained 0.29 percent to 343,000 won.
Affected by an ongoing U.S. probe on faulty air bags that caused crashes, leading carmaker Hyundai Motor Co. plunged 3.81 percent to 319,000 won. Its affiliates Kia Motors Corp. declined 3.53 percent to 31,400 won and Hyundai Mobis Co. was down 2.38 percent at 226,000 won.
The local currency closed at 1,071.60 won against the U.S. dollar, down 5.40 won from the previous session.
Bond prices, which move inversely to yields, ended on a mixed note. The yield on three-year Treasurys fell 0.1 basis point to 2.275 percent, and the return on the benchmark five-year government bond remained flat at 2.500 percent.
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