Seoul: Stocks, won steady as investors await Fed, BOJ decisions

[SEOUL] South Korean shares and the won were steady in early trades on Tuesday as investors stayed on the sidelines ahead of central bank policy decisions in Japan and the United States.

The Korea Composite Stock Price Index (Kospi) was nearly unchanged at 2,015.52 as of 0222 GMT.

The won was down 0.1 per cent at 1,119.1, compared with Monday's close of 1,118.1.

Both the US Federal Reserve and the Bank of Japan's September meeting results will be out on Wednesday.

"The market is focusing more on the BOJ results rather than the Fed's since it had said that it would come up with additional monetary easing," said Kim Ye Eun, a stock analyst with LIG Investment & Securities.

If the BOJ actually eases its monetary policy, it would cause wild movement in stocks but whether they would head upward or downward is yet unpredictable, she added.

Offshore investors had purchased a net 31 billion won (S$37.76 million) of Kospi shares near mid-session and were expected to be buyers for a third straight session.

Shares of SK Chemicals Co Ltd rose more than 2 per cent, while SK Innovation Co Ltd fell 1.3 per cent.

Decliners and advancers were almost even by 395 to 379.

September futures on three-year treasury bonds gained 0.01 point to 110.59.

REUTERS