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Seoul shares open tad lower ahead of Fed decision

By Yonhap

Published : July 26, 2023 - 09:36

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

South Korean stocks opened slightly lower Wednesday, following three days of gains, as investors are digesting corporate earnings reports and awaiting the rate-setting meeting in the United States.

The benchmark Korea Composite Stock Price Index lost 4.24 points, or 0.16 percent, to 2,632.22 in the first 15 minutes of trading.

Overnight, US stocks closed higher. The Dow Jones Industrial Average grew 0.08 percent, and the tech-heavy Nasdaq Composite added 0.61 percent.

The Federal Reserve began a two-day rate-setting meeting Tuesday, and investors hope for an end to its monetary tightening cycle.

In Seoul, top-cap shares traded mixed, with battery and steel shares going bullish.

Tech giant Samsung Electronics fell 0.57 percent.

SK hynix rose 1.68 percent after it reported second-quarter losses on sagging demand, though expectations run high for a turnaround in the second half.

Leading battery maker LG Energy Solution grew 0.34 percent, and LG Chem climbed 1.39 percent.

Posco shares got off to a strong start again following recent sharp gains. Posco Holdings surged 5.62 percent, and Posco Future M jumped 5 percent.

But carmakers opened lower, with top automaker Hyundai Motor skidding 1.05 percent and Kia losing 1.54 percent.

Major bio firm Samsung Biologics lost 1.63 percent, and internet giant Naver retreated 0.7 percent.

The local currency was trading at 1,277.80 won against the US dollar at 9:15 a.m., down 2.4 won from the previous session's close. (Yonhap)