Send to

S. Korean stocks open lower ahead of Fed policy meeting this week

Sept. 19, 2022 - 09:52 By Yonhap
An electronic board showing the Korea Composite Stock Price Index (Kospi) at a dealing room of the Hana Bank headquarters in Seoul on Monday. (Yonhap)

South Korean stocks opened lower Monday as investors continued to remain cautious ahead of the US Federal Reserve's policy meeting later this week.

The Korea Composite Stock Price Index (KOSPI) fell 8.43 points, or 0.35 percent, to 2,374.35 in the first 15 minutes of trading.

The country's stock market has been roiled by expectations that the Fed could raise the base rate at least by another 75 basis points in its upcoming policy meeting slated for Sept. 20-21.

In Seoul, market heavyweights declined across the board.

Tech giant Samsung Electronics rose 0.53 percent, while its rival SK hynix shed 0.88 percent. Top internet portal operator Naver fell 0.45 percent.

Auto stocks fell, with the country's top automaker Hyundai Motor inching down 0.25 percent and its affiliate Kia dipping 0.49 percent.

The local currency changed hands at 1,386.3 won against the dollar as of 9:15 a.m., up 1.7 won from the previous trading day's close. (Yonhap)