(Updates to midday)
* Investors focus on Fed meeting
* Foreigners continued net-selling to weigh on market
* CJ CGV plunges on grim earnings outlook
SEOUL, Dec 16 (Reuters) - Seoul shares were little changed on Monday morning, with investors taking a wait-and-see stance before the Federal Open Market Committee (FOMC) meeting decides when the U.S. Federal Reserve will start scaling back its stimulus programme.
The Korea Composite Stock Price Index (KOSPI) was up 0.1 percent at 1,964.42 points as of 0205 GMT, still positioning near Friday's 3-month closing low level.
"The Fed tapering event has already been priced into the market, so the FOMC meeting is a variable that could lead the market's rebound by shedding a long-lived uncertainty," said Bae Sung-young, an analyst at Hyundai Securities.
"However a relief rally after the event will be limited unless a reverse in won appreciation occurs," he added.
The FOMC meeting will be held Dec 17 and Dec 18.
The South Korean won hovered near a year-high against the dollar and held near a more than five-year high against the yen.
There has been a sustained outflow of foreign capital from South Korean stock market, highlighted by a net 1.1 trillion won ($1.04 billion) sell-off by foreigners in the previous week, the most since mid-June.
The trend stayed intact, with foreigners offloading a net 53.4 billion won worth of local shares, poised to extend the selling streak to a fifth session.
Hyundai Heavy Industries Co Ltd, the world's largest shipbuilder, rose 1 percent after winning a contract to build the first phase of the Az-zour North Independent Water and Power Project (IWPP) in Kuwait from GDF Suez -led consortium.
South Korean pharmaceutical company Handok Inc rose 2.3 percent on prospects of increase in profits, following a regulatory filing that said it will acquire assets from Pacific Pharmaceuticals Co, an affiliate of Amore Pacific Group which gained 0.5 percent.
On the other hand, movie theatre operator CJ CGV Co Ltd tumbled 6.4 percent on concerns about an upcoming earnings report due to declining theatre audiences in recent months.
Decliners outnumbered advancers 430 to 318.
The KOSPI 200 benchmark of core stocks was up 0.1 percent, while the junior, tech-heavy KOSDAQ edged 0.2 percent higher.
Meanwhile, revised customs data showed on Sunday that South Korean exports in November rose 0.2 percent from a year earlier, unchanged from preliminary estimates released earlier in the month. ($1 = 1052.7000 Korean won) (Reporting by Jungmin Jang; Editing by Eric Meijer)