South Korean stocks finished 0.12 percent lower on Monday as investors took a wait-and-see stance ahead of this week’s Federal Open Market Committee meeting.

The local currency rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index, having started in negative territory, gained some ground before losing steam to finish at 1,969.26, down a marginal 2.4 points from Friday’s close.

Trading volume was light at 153.15 million shares worth 2.57 trillion won ($2.47 billion). Decliners were edged by advancers 384 to 377 with 97 staying flat.

Foreign investors offloaded more shares than they bought with private investors and institutions propping up the market. Private investors engaged in bargain hunting throughout the trading session.

Analysts said the FOMC meeting to take place Wednesday (local time) will likely confirm the Federal Reserve’s plan to scale back its asset purchase program. The cutting back on the stimulus program has been largely reflected in the KOSPI numbers, but due to global economic uncertainties, the market is reacting in a jittery manner, they said.

“Lack of any real momentum in the market is causing investors to be overly concerned about any uncertainties and overseas developments,” said Kang Hyun-gie, an analyst at I’M Securities & Investment Co.

He said such uncertainties include the Federal Reserve meeting as well as developments taking place in Ukraine.

Others said that foreign investors may be holding back because they want to see U.S. employment data due out later this week.

Reflecting overall market conditions, Samsung Electronics, the world’s No. 1 mobile phone maker, surrendered 0.79 percent to 1,388,000 won, with Hyundai Motor, South Korea’s largest carmaker, falling 1.06 percent to 233,500 won.

Kia Motors, Hyundai’s smaller affiliate, on the other hand, rose 0.52 percent to 57,600 won, with Hyundai Mobis, the country’s largest auto parts maker, edging down 0.17 percent to 301,500 won.

Hyundai Heavy Industries, the world’s biggest shipbuilder, lost 0.5 percent to 200,500 won, while Naver, the country’s No. 1 portal, lost 1.87 percent to 734,000 won.

The local currency ended at 1,035.15 won to the U.S. dollar, up a sharp 6.35 won from the previous session.

Bond prices, which move inversely to yields, closed unchanged.

The yield on three-year treasury bonds remained pat at 2.87 percent, while the return on the benchmark five-year government bonds stood at 3.17 percent. (Yonhap)