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Seoul shares edge down to fresh 3-month low ahead of Fed meeting
December 16, 2013 / 6:17 AM / in 4 years

Seoul shares edge down to fresh 3-month low ahead of Fed meeting

SEOUL, Dec 16 (Reuters) - Seoul shares closed slightly lower on Monday, down for a fifth straight day, as investors’ caution before the U.S. Federal Reserve’s policy meeting this week outweighed bargain hunting in recently battered stocks.

The Korea Composite Stock Price Index (KOSPI) closed down 0.1 percent at 1,961.15 points, its lowest close since Sept. 6.

Foreign investors were net sellers for a fifth straight session, offloading 65.3 billion won ($62 million) worth of shares to weigh on the main board.

But shipbuilders benefited from bargain hunting to post the biggest sectoral gain. Hyundai Mipo Dockyard Co Ltd jumped 5.7 percent after dropping 8.5 percent over the past two weeks. ($1 = 1052.7000 Korean won) (Reporting by Jungmin Jang; Editing by Chris Gallagher)

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