South Korea shares extend losses; Fed policy, corporate earnings eyed

SEOUL: Round-up of South Korean financial markets:

** South Korean shares closed lower on Wednesday, as major heavyweight names slid, with investors awaiting the outcome of the Federal Reserve meeting and corporate results from US tech giants. The won gained, while the benchmark bond yield fell.

** The KOSPI closed down 17.75 points, or 0.57%, at 3,122.56, after falling 2.1% in the previous session.

** Chip giant Samsung Electronics and LG Chem fell 1.3% and 2.8%, respectively, while Samsung BioLogics and Celltrion jumped 5.9% and 2%, each.

** LG Display slumped nearly 5% even as it reported its highest quarterly profit in over three years, with help from increased shipments of Apple Inc's new iPhones and on rising panel prices.

** Investors are tracking results from mega tech firms.

** Microsoft's Azure cloud computing services grew 50%, boosting optimism for other US tech giants, including Apple and Facebook, which announce quarterly results this week.

** "Investors are seen avoiding active buying in shares as they remain cautious amid earnings season ... Apple and Tesla's earning results due Wednesday and Thursday are on focus," said DS Investment & Securities' analyst Na Jeong-hwan.

** Foreigners were net sellers of 622.7 billion won ($563.95 million) worth of shares on the main board.

** The won ended at 1,104.4 per dollar on the onshore settlement platform, 0.19% higher than its previous close at 1,106.5.

** In offshore trading, the won was quoted at 1,104.6, while in non-deliverable forward trading its one-month contract was quoted at 1,104.2.

** The most liquid 3-year Korean treasury bond yield fell by 1.3 basis points to 0.994%.