Seoul: Shares drift lower as investors eye Fed; won firmer

[SEOUL] South Korean shares edged lower on Tuesday, with investors hesitant to take aggressive positions ahead of a two-day meeting by the US Federal Reserve that could yield clues on when it will start raising interest rates.

The Korea Composite Stock Price Index (KOSPI) fell 0.3 per cent to close at 1,925.68 points.

The South Korean won was slightly firmer on Tuesday, as weariness over more dovish statements from the Fed prompted market players to cut their exposure to the dollar.

The local currency was quoted at 1,049.7 to the dollar at the conclusion of onshore trade, compared to Monday's close of 1,052.2.

REUTERS