Seoul (South Korea), June 15: South Korean stocks pared earlier gains late Tuesday morning as investors took to the sidelines while preparing for the upcoming U.S. Federal Reserve meeting.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.23 points, or 0.07 percent, to trade at 3,249.9 points as of 11:20 a.m.
Stocks dropped in the late morning amid investors' moves to lock in profits after the key stock index finished at an all-time high after a three-day winning streak.
The retreat came after a relatively strong start, with investors seeking more clues about when the world's largest economy will start tapering its asset-buying policy. The Federal Open Market Committee rate decision comes Wednesday (U.S. time).
Overnight, the tech-heavy Nasdaq Composite gained 0.74 percent, while the Dow Jones Industrial Average fell 0.25 percent.
In Seoul, market bellwether Samsung Electronics gained 0.37 percent, and No. 2 chipmaker SK hynix advanced 1.18 percent.
Internet portal operator Naver lost 1.03 percent, and giant pharmaceutical firm Samsung Biologics decreased 1.29 percent.
Top automaker Hyundai Motor declined 0.24 percent, and leading chemical firm LG Chem shed 0.97 percent.
The local currency was trading at 1,118.15 won against the U.S. dollar, down 1.45 won from the previous session's close.
Source: Yonhap
