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Seoul shares open lower ahead of Fed officials' view on rate policy

Sept. 5, 2023 - 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)

South Korean stocks opened lower Tuesday amid a lack of fresh leads, as investors wait to hear comments from key US federal bank officials on the outlook of the interest rate hike cycle.

The benchmark Korea Composite Stock Price Index added 4.53 points, or 0.18 percent, to 2,580.02 in the first 15 minutes of trading.

The US stock markets were closed Monday for Labor Day. European stocks finished almost flat as China's announcement on a stimulus to prop up the troubled property sector had little impact in boosting investor sentiment in global equity markets.

Investors will likely pay attention to what Boston Fed President Susan Collins and New York Fed President John Williams will say about the economy and the Federal Reserve's direction for the monetary policy when they speak at public events later this week.

In Seoul, top cap Samsung Electronics fell 0.4 percent, with leading battery maker LG Energy Solution falling 0.2 percent.

Chemical giant LG Chem rose 0.3 percent. Platform giant Kakao was up 0.3 percent.

The local currency was trading at 1,320.20 won against the dollar, down 0.4 won from Monday's close. (Yonhap)