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Seoul stocks open tad lower as investors digest Fed event

Feb. 3, 2023 - 09:39 By Yonhap
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Friday. (Yonhap)

Seoul shares opened slightly lower Friday as investors digest the US Federal Reserve's latest rate decision earlier this week.

The benchmark Korea Composite Stock Price Index slipped 2.98 points, or 0.12 percent, to 2,465.9 points as of 9:23 a.m.

Overnight, the tech-heavy Nasdaq Composite jumped 3.25 percent, while the Dow Jones Industrial Average slipped 0.11 percent.

The Fed raised the benchmark lending rate by 25 basis points on Wednesday (US time) as expected.

Investors are weighing eased uncertainties from the Fed's monetary policy and the disappointing earnings from US tech behemoths.

In Seoul, top cap Samsung Electronics Co. edged up 0.16 percent, while No. 2 chipmaker SK hynix Inc. dropped 0.43 percent.

Top carmaker Hyundai Motor Co. climbed 0.35 percent, with leading car battery maker LG Energy Solution inching up 0.19 percent. Chemical giant LG Chem declined 1.33 percent.

The local currency was trading at 1,225.4 won against the US dollar as of 9:23 a.m., down 5.1 won from the previous session's close. (Yonhap)