Seoul: Shares erase gains to turn lower; won gains for 3rd session

[SEOUL] Seoul shares erased early gains to turn lower on Wednesday, weighed down by pharmaceutical shares after a leading drugmaker announced tepid second quarter earnings data.

The Korea Composite Stock Price Index (KOSPI) closed at 2,037.86 points, barely changed from the previous close at 2,039.10.

The sub-index for pharmaceutical shares slid 8.7 per cent, with Hanmi Pharma Co Ltd down 18.4 per cent.

The South Korean won ended local trade up 0.6 per cent to 1,158.4 ahead of the US Federal Reserve's policy decision later in the day, rising for a third consecutive session.

REUTERS