off-the-wire

South Korean shares end flat ahead of U.S. Fed meeting

Kitco Media
By Reuters
Published:
Updated:
Reuters



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KOSPI little changed, foreigners net sellers Korean won marginally down against dollar South Korea benchmark bond yield flat

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For the midday report, please click SEOUL, March 21 (Reuters) - Round-up of South Korean financial markets:


** South Korean shares ended flat on Tuesday as investor sentiment was subdued ahead of the U.S. Federal Reserve's policy meeting this week, although worries eased over the global banking turmoil.
** The Korean won and the benchmark bond yield were flat.
** The benchmark KOSPI ended up 9.15 points, or 0.38%, at 2,388.35, after rising as much as 0.85%.
** Investors' focus is on the Fed's policy meeting from Tuesday through Wednesday, with expectations of another rate 25 basis points (bps) interest rate hike amid market turbulence triggered by bank troubles in the U.S. and Switzerland.
** "The market is likely to continue its directionless trend until the meeting outcome, which is going to be neither hawkish nor complacent about inflation," said Huh Jae-hwan, an analyst at Eugene Investment and Securities.
** Meanwhile, South Korean exports tumbled for the first 20 days of March and producer inflation eased last month, data showed on Tuesday, reinforcing expectations that the central bank will not raise interest rates further.
** Most index heavyweights were little changed, logging gains or losses of less than 1%. Of the total 933 issues traded, 427 shares rose.
** Technology giant Samsung Electronics rose 0.17% but peer SK Hynix lost 0.12%, while battery maker LG Energy Solution climbed 0.37%.
** Foreigners were net sellers of shares worth 55.3 billion won ($42.2 million).


** The won ended onshore trade at 1,311.2 per dollar, 0.08% lower than its previous close of 1,310.1.


** In money and debt markets, March futures on three-year treasury bonds fell 0.14 points to 104.74.
** The most liquid three-year Korean treasury bond yield rose by 2.7 bps to 3.296%, while the benchmark 10-year yield was up by 0.2 bps to 3.307%. ($1 = 1,310.0600 won) (Reporting by Jihoon Lee; Editing by Sonia Cheema)

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