Seoul: Stocks slide; Fed meeting, US stimulus in focus

[SEOUL] South Korean shares slid on Wednesday, led lower by selling from foreigners, as investors eye the outcome of the US central bank's meeting amid uncertainty around the country's stimulus package.

The Korean won edged up, while the benchmark bond yield fell.

The benchmark Kospi slipped 10.84 points or 0.4 per cent to 3,129.47 by 0311 GMT, extending losses to a second day after falling 2.1 per cent on Tuesday.

Foreigners were net sellers of 320.4 billion won (S$384.6 million) worth of shares on the main board.

Major heavyweights were trading mixed: Chip giant Samsung Electronics and LG Chem fell 0.7 per cent and 2.5 per cent respectively, while Samsung BioLogics and Celltrion jumped 5.4 per cent and 1.9 per cent each.

LG Display slumped 2.7 per cent even as it reported its highest quarterly profit in over three years, with help from increased shipments of Apple's new iPhones and on rising panel prices.

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Investors now await the outcome of the US Federal Reserve's two-day policy meeting.

Meanwhile, Democrats in the US Senate will move forward on US President Joe Biden's coronavirus relief plan without Republican support if necessary, Senate Democratic leader Chuck Schumer said on Tuesday.

Of the total traded issues of 909, the number of advancing shares was 290.

The won was quoted at 1,104.7 per US dollar on the onshore settlement platform, 0.2 per cent higher than its previous close at 1,106.5.

In offshore trading, the won was quoted at 1,105.3, while in non-deliverable forward trading, its one-month contract was quoted at 1,104.9.

In money and debt markets, March futures on three-year treasury bonds rose 0.02 point to 111.49.

The most liquid three-year Korean treasury bond yield fell by 0.9 basis point to 0.998 per cent.

REUTERS