May 24, 2017 / 2:31 AM / 2 months ago

S.Korean stocks set for 4th winning session in cautious trade

2 Min Read

    * Won flat; Fed minutes in focus
    * Investors cautious ahead of OPEC, G7 summit

    SEOUL, May 24 (Reuters) - South Korean shares rose on
Wednesday, on track for their fourth straight winning session,
but stayed within a tight range ahead of key events such as the
release of U.S. Federal Reserve's policy meeting minutes and
OPEC talks to prolong supply cuts.
    The Korea Composite Stock Price Index (KOSPI)         was up
0.1 percent at 2,314.63 points as of 0206 GMT.
    "Today's trading volume is rather low as the investors take
cautious stance waiting for the minutes release and the results
of the OPEC meeting and G7 summit," said Kim Ye-eun, a stock
analyst at Cape Investment & Securities.
    The Organization of the Petroleum Exporting Countries (OPEC)
meets in Vienna on Thursday to consider whether to prolong cuts
to reduce a global glut of crude.             
    G7 summit will be held on May 26-27 in Taormina, Italy. 
    Offshore investors were set to be net sellers, offloading
70.2 billion Korean won ($62.34 million) worth of KOSPI shares
near mid-session. 
    Chipmaker SK Hynix             gained 1.5 percent while
Hyundai Motor             dropped more than 2 percent. 
    Advancing issues outnumbered declining ones 431 to 341.
    Meanwhile, the South Korean won            was quoted at
1,126.4 to the dollar, down 0.2 percent compared with Tuesday's
close of 1,124.2.
    June futures on three-year treasury bonds         shed 0.04
point to 109.46. 
    
                       0206 GMT    Prev close
 Dollar/won             1,126.4       1,124.x
 Yen/won             10.0697/78       10.0578
 *KTB futures            109.46        109.50
 KOSPI                 2,314.63      2,311.74
 * Front-month futures on three-year treasury bonds
    

 (Reporting by Dahee Kim; Editing by Amrutha Gayathri)
  

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