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Seoul shares open nearly flat ahead of Fed's rate decision

An electronic board showing the Korea Composite Stock Price Index (Kospi) at a dealing room of the Hana Bank headquarters in Seoul on Wednesday. (Yonhap)
An electronic board showing the Korea Composite Stock Price Index (Kospi) at a dealing room of the Hana Bank headquarters in Seoul on Wednesday. (Yonhap)

South Korean stocks opened nearly flat Wednesday as investors took to the sidelines ahead of the US Federal Reserve's rate-decision meeting.

The benchmark Korea Composite Stock Price Index slipped 0.81 point, or 0.03 percent, to trade at 2,412.15 points in the first 15 minutes of trading.

The US Fed is set to announce the results of its two-day monetary meeting results Thursday (Korean time).

Overnight, the US stock market closed lower. The Dow Jones Industrial Average fell 0.71 percent, and the tech-heavy Nasdaq Composite decreased 1.87 percent.

In Seoul, the top three market caps -- market behemoth Samsung Electronics, No. 2 chipmaker SK hynix and battery giant LG Energy Solution -- traded flat.

Leading carmaker Hyundai Motor lost 0.77 percent, while bio heavyweight Samsung Biologics advanced 1.45 percent.

The local currency was trading at 1,310.95 won against the US dollar, down 3.35 won from the previous session's close. (Yonhap)

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