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Seoul shares open sharply lower ahead of Fed meeting

June 10, 2024 - 09:33 By Yonhap
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Monday. (Yonhap)

Seoul shares opened sharply lower Monday ahead of the US Federal Open Market Committee meeting this week.

The benchmark Korea Composite Stock Price Index lost 28.47 points, or 1.05 percent, to 2,694.20 in the first 15 minutes of trading.

The weak start follows losses on Wall Street last week.

The Dow Jones Industrial Average lost 87.18 points, or 0.22 percent, to close at 38,798.99 on Friday, following stronger-than-expected employment data that weakened hopes for a US rate cut.

The US Federal Reserve is set to hold its rate-setting meeting Tuesday and Wednesday.

In Seoul, most large caps traded lower.

Market kingpin Samsung Electronics plunged 1.81 percent, while the world's No. 2 memory chipmaker, SK hynix, added 0.24 percent.

Top pharmaceutical firm Celltrion lost 2.15 percent, with leading battery maker LG Energy Solution retreating 1.95 percent.

Leading carmaker Hyundai Motor slipped 0.57 percent, with its smaller affiliate Kia Motors losing 0.74 percent.

The local currency was trading at 1,381.35 won against the US dollar, down 16.05 won from the previous session's close. (Yonhap)