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S.Korean stocks waver despite steel rally, won extends losses on Fed caution
September 19, 2017 / 6:58 AM / a month ago

S.Korean stocks waver despite steel rally, won extends losses on Fed caution

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SEOUL, Sept 19 (Reuters) - South Korean shares ended slightly weaker on Tuesday and the won skidded as investors turned cautious stance ahead of a U.S. Federal Reserve policy decision later in the week.

The Korea Composite Stock Price Index (KOSPI) closed down 0.1 percent at 2,416.05 points, despite strong gains in shares of steel and auto makers.

Foreign investors stepped up their share selling, trimming portfolios by a net 143.7 billion won ($127.17 million), as many took profits from the KOSPI’s gain in the previous session. The index rose 1.4 percent on Monday, ending at six-week high.

The won was pressured by the foreign sell-off in local equities as well as caution ahead of the two-day Fed meeting which begins later on Tuesday.

The won was quoted at 1,131.3 to the dollar at the conclusion of onshore trade, down 0.4 percent from Monday’s close of 1,126.6. (Reporting by Dahee Kim; Editing by Kim Coghill)

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