Home Markets S.Korea stocks drop ahead of Fed taper verdict

S.Korea stocks drop ahead of Fed taper verdict

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  • KOSPI falls, foreigners net sellers
  • Korean won weakens against U.S. dollar
  • South Korea benchmark bond yield falls

SEOUL, Nov 3 (Reuters) – Round-up of South Korean financial markets:

** South Korean shares fell on Wednesday, after rising the most in three weeks in the previous session, as traders awaited the U.S. Federal Reserve’s plans to taper its pandemic-era stimulus. The Korean won weakened, while the benchmark bond yield fell.

** The benchmark KOSPI (.KS11) fell 37.32 points, or 1.24%, to 2,976.17 as of 02:54.

** Stocks are falling after a big jump, but it’s a relatively quiet day as most are awaiting policy decisions from the Federal Open Market Committee, said Na Jeong-hwan, an analyst at Cape Investment & Securities.

** Among heavyweights, tech giant Samsung Electronics (005930.KS) fell 1.68% and peer SK Hynix (000660.KS) fell 1.86%, while LG Chem (051910.KS) fell 5.05% and Naver (035420.KS) fell 1.34%.

** South Korea’s Kakao Pay Corp (377300.KS) saw…

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