Kospi ends flat with market on hold for Fed minutes

The Kospi slid just 0.03 percent on Wednesday, with the near lack of movement attributed to the wait for the U.S. Federal Reserve's monetary policy meeting minutes.

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,723.46 points on Wednesday, down 0.03 percent, or 0.72 points, from the previous trading session. [YONHAP]

Shares ended nearly flat on Wednesday as investors sat on the sidelines ahead of the release of the U.S. Federal Open Market Committee's meeting minutes.

The Kospi edged down 0.72 points, or 0.03 percent, to close at 2,723.46. The Kosdaq shed 0.79 points, or 0.09 percent, to 845.72.

Trade volume was moderate at 476 million shares worth 12.1 trillion won ($8.92 billion), with losers beating winners 474 to 402. Foreigners bought a net 296 billion won worth of local shares, while individuals offloaded a net 261 billion won. Institutions sold a net 32.1 billion won.

Analysts said Seoul shares closed nearly flat as investors awaited clues over the future path of the U.S. key rates from the upcoming minutes.

"As investors cautiously wait for the earnings report of Nvidia as well as the FOMC minutes, the overall rebound momentum of the Korean stock market was limited," said Han Ji-young, an analyst at Kiwoom Securities.

Tech shares closed mixed, with Samsung Electronics falling 0.89 percent to 77,700 won while SK hynix gained 2.97 percent to 197,700 won.

Financial firms finished lower, with KB Financial falling 3.06 percent to 79,100 won, Shinhan Financial losing 2.15 percent to 47,850 won and Hana Financial Group dropping 1.74 percent to 62,300 won.

Samsung Life Insurance shed 5.23 percent to 87,000 won.

Tech shares also closed lower, with Naver dropping 0.33 percent to 182,600 won and Kakao falling 0.33 percent to 45,800 won.

Carmakers, on the other hand, closed higher, with Hyundai Motor jumping 9.49 percent to 277,000 won and Kia rising 3.93 percent to 118,900 won.

Hyundai Mobis added 2.91 percent to hit 230,000 won.

Foodstuff makers closed bullish as well, with CJ Cheiljedang rising 4.42 percent to 354,000 won.

The local currency ended at 1,362.9 won against the greenback, down 0.4 won from the previous session's close.

Bond prices, which move inversely to yields, closed higher. The yield on three-year government bonds fell 0.2 basis points to 3.408 percent, and the return on the benchmark U.S. 10-year government bonds dropped 2.9 basis points to 4.417 percent.

BY KIM JU-YEON, YONHAP [kim.juyeon2@joongang.co.kr]