SEOUL, South Korean stocks slipped more than 1 percent Tuesday as investors remained cautious ahead of the U.S. Federal Open Market Committee’s (FOMC) meeting this week. The local currency fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index lost 29.67 points, or 1.1 percent, to 2,656.17.

Trade volume was moderate at 683.5 million shares worth 10.5 trillion won (US$7.88 billion), with losers outpacing gainers 603 to 276.

Foreigners sold a net 238 billion won worth of stocks, while individuals bought a net 908 billion won. Institutions shed a net 701 billion won.

Analysts said investors took to the sidelines as there are a series of key events this week, including the U.S. Fed’s two-day rate-setting meeting that starts on Tuesday (U.S time).

Investors also digested the Bank of Japan’s decision to raise its key rate for the first time in 17 years.

Top tech giant Samsung Electronics closed unchanged at 72,800 won, while No. 2 chipmaker SK hynix slid 2.5 percent to 160,200 won.

Ba
ttery makers traded mixed, with LG Energy Solution losing 1.1 percent to 40,300 won while Samsung SDI rose 1.58 percent to 451,000 won.

State-run energy firms also finished bearish. KEPCO plunged 7.82 percent to 22,400 won, and Korea Gas lost 3.7 percent to 27,350 won.

Hyundai Motor decreased 2.06 percent to 237,500 won, and Kia lost 7.11 percent to 118,900 won. Auto parts maker Hyundai Mobis moved down 5.41 percent to 253,500 won.

Hanwha Aerospace was among the winners, advancing 3.98 percent to 190,500 won. Celltrion, a pharmaceutical firm, gained 1.04 percent to 184,400 won.

The local currency ended at 1,339.8 won against the greenback, down 6.1 won from the previous session’s close.

Bond prices, which move inversely to yields, fell. The yield on three-year Treasurys gained 3.5 basis points to 3.383 percent, while the return on the benchmark five-year government bonds added 3.7 basis points to 3.419 percent.

Source: Yonhap News Agency