South Korean stocks closed nearly unchanged Wednesday as investors shunned risky assets ahead of the release of minutes from the U.S. Federal Reserve’s July meeting, analysts said. The local currency sharply declined against the U.S. dollar.

The benchmark Korea Composite Stock Price Index gained 1.64 points, or 0.08 percent, to close at 2,072.78. Trading volume was moderate at 310.3 million shares worth 4.49 trillion won ($4.41 billion), with decliners outnumbering gainers 457 to 354.

“Investors took a wait-and-see stance before the Fed releases the minutes of its July meeting slated for later Wednesday,” said analyst Bae Sung-young from Hyundai Securities Co.

He said they will also keep an eye on the Fed’s Friday conference in which Fed Chair Janet Yellen and European Central Bank Gov. Mario Draghi will deliver speeches on their monetary policies.

Institutional investors dumped a net 278.2 billion won worth of local shares, while foreign investors scooped up a net 212.5 billion won.

Tech shares were in positive territory, with market bellwether Samsung Electronics adding 0.56 percent to 1,261,000 won and SK hynix advancing 3.54 percent to 45,350 won.

Carmakers were also bullish, with industry leader Hyundai Motor climbing 0.67 percent to 226,000 won and its affiliate Kia Motors rising 0.5 percent to 60,500 won. However, the massive profit-taking in oil and chemical shares offset the tech and auto gains.

SK Innovation, the owner of local top refiner SK Energy Co. tumbled 6.26 percent to 92,800 won and No. 3 player S-Oil sank 7.16 percent to 47,350 won.

Kumho Petrochemical fell 1.42 percent to 83,400 won and Lotte Chemical lost 1.19 percent to 165,500 won.

Shipbuilders also went south, with industry leader Hyundai Heavy Industries sliding 3.14 percent to 139,000 won and Daewoo Shipbuilding & Marine Engineering falling 3.49 percent to 23,500 won.

The local currency ended at 1,022.7 won against the greenback, down 5.4 won from Tuesday‘s close. (Yonhap)