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South Korean shares end lower as focus shifts to US Fed decision
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South Korean shares end lower as focus shifts to US Fed decision
Dec 16, 2024 12:24 AM

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KOSPI falls, foreigners net sellers

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Korean won weakens against dollar

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South Korea benchmark bond yield rises

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For the midday report, please click

SEOUL, Dec 16 (Reuters) - Round-up of South Korean

financial markets:

** South Korean shares closed slightly lower on Monday,

snapping four sessions of gains as investors shifted focus to

the U.S. Federal Reserve's policy meeting this week amid eased

political tensions at home.

** The benchmark KOSPI closed down 5.49 points, or

0.22%, at 2,488.97, after rising as much as 0.85% to its highest

level since Nov. 27 earlier in the session.

** South Korean shares rose for a fourth straight session on

Friday on hopes that political uncertainty would ease after the

parliamentary vote to impeach the president.

** South Korea's Constitutional Court on Monday began

reviewing the impeachment of President Yoon Suk Yeol over his

Dec. 3 martial law attempt, starting a process to decide if he

will be removed from office, after a parliamentary vote on

Saturday in favour of impeachment.

** "Investors were seen booking profits amid eased political

uncertainty," said Na Jeong-hwan, an analyst at NH Investment

Securities.

** "Next market-moving event will be election, but that will

take time. So for now, investor focus is on the U.S. Federal

Reserve's policy meeting this week," Jeong-hwan said.

** The U.S. Federal Reserve is expected to cut interest

rates by a quarter of a percentage point at its Dec. 17-18

meeting.

** South Korea's finance ministry said authorities would

continue to monitor financial and foreign exchange markets.

** Foreigners were net sellers of shares worth 476.4 billion

won ($331.86 million).

** Among index heavyweights, chipmaker Samsung Electronics ( SSNLF )

fell 0.89% and peer SK Hynix ( HXSCF ) gained

2.17%, while battery maker LG Energy Solution slid

0.50%.

** Of the total 940 traded issues, 491 shares advanced,

while 398 declined.

** The won was quoted at 1,436.4 per dollar on the onshore

settlement platform, 0.08% lower than its previous

close at 1,435.2.

** The most liquid three-year Korean treasury bond yield

rose by 1.1 basis points to 2.552%, while the

benchmark 10-year yield rose by 4.5 basis points to

2.721%.

($1 = 1,435.5300 won)

(Reporting by Jihoon Lee; Editing by Abinaya Vijayaraghavan)

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