South Korean stocks finished almost unchanged Wednesday as investors remained cautious amid dropping oil prices and a looming U.S. rate hike. The local currency fell against the U.S. dollar.
  

The benchmark Korea Composite Stock Price Index fell 0.8 point, or 0.04 percent, to 1,948.24. Trade volume was slim at 366.3 million shares worth 3.6 trillion won ($3.05 billion), with decliners outnumbering gainers 492 to 310.
  

"Investors became more conservative due to rising uncertainties in emerging markets stemming from a slide in crude oil prices," said Kim Sung-hwan, an analyst from Bookook Securities Co. "The upcoming U.S. Fed meeting is also catching their attention although a rate hike has been widely expected."
  

Global markets tumbled from the beginning of the week, after the world's largest crude oil cartel failed to agree on a production cut over the weekend.
  

Coupled with a slowdown in China, the low oil price trend will likely cloud exports of Asia's fourth-biggest economy, said the analyst.
  

Foreigners continued their selling spree, dumping a net 218.3 billion won worth of local shares, while institutions scooped up a net 128.5 billion won.
  

Retailers, brokerages and utilities firms finished in positive territory, while automakers and oil refiners closed lower.
  

Lotte Shopping, the largest department store operator, gained 2.89 percent to 231,500 won and Shinsegae added 1.48 percent to 240,500 won.
  

NH Investment & Securities, the country's No. 1 brokerage house, rose 1.22 percent to 9,950 won and the state-run Korea Electric Power Corp. increased 2.58 percent to 49,650 won.
  

Automotive firms went south, with Hyundai Mobis, the auto-parts maker of Hyundai Motor Group, falling 2.33 percent to 231,000 won and Hankook Tire slipping 2.47 percent to 45,400 won.
  

SK Innovation, the top oil refiner, dropped 1.18 percent to 126,000 won and No. 3 S-Oil declined 0.79 percent to 75,500 won.
  

The Korean won ended at 1,179.3 won against the greenback, down 0.7 won from Tuesday's close.
  

Bond prices, which move inversely to yields, closed slightly higher. The yield on three-year Treasurys edged down 0.1 basis point to 1.762 percent and the return on the benchmark five-year government bonds dipped 0.9 basis point to 1.935 percent. (Yonhap)