South Korean shares rose on Wednesday, on track for their fourth straight winning session, but stayed within a tight range ahead of key events such as the release of US Federal Reserve’s policy meeting minutes and OPEC talks to prolong supply cuts.
The Korea Composite Stock Price Index (KOSPI) was up 0.1 percent at 2,314.63 points as of 0206 GMT. “Today’s trading volume is rather low as the investors take cautious stance waiting for the minutes release and the results of the OPEC meeting and G7 summit,” said Kim Ye-eun, a stock analyst at Cape Investment & Securities.
The Organization of the Petroleum Exporting Countries (OPEC) meets in Vienna on Thursday to consider whether to prolong cuts to reduce a global glut of crude. G7 summit will be held on May 26-27 in Taormina, Italy. Offshore investors were set to be net sellers, offloading 70.2 billion Korean won ($62.34 million) worth of KOSPI shares near mid-session.
Chipmaker SK Hynix gained 1.5 percent while Hyundai Motor dropped more than 2 percent. Advancing issues outnumbered declining ones 431 to 341. Meanwhile, the South Korean won was quoted at 1,126.4 to the dollar, down 0.2 percent compared with Tuesday’s close of 1,124.2. June futures on three-year treasury bonds shed 0.04 point to 109.46.