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Seoul shares start lower ahead of key rate decision

Nov. 29, 2023 - 09:29 By 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 a tad lower Wednesday ahead of the central bank's rate-setting meeting.

The benchmark Korea Composite Stock Price Index (Kospi) lost 11.02 points, or 0.44 percent, to 2,510.74 in the first 15 minutes of trading.

Overnight on Wall Street, US stocks climbed modestly on a dovish comment by a Federal Reserve official, with the Dow Jones Industrial Average edging up 0.24 percent and the Nasdaq Composite adding 0.29 percent.

The Bank of Korea is set to decide on its policy rate, currently standing at 3.5 percent, this week.

In Seoul, major shares traded in negative territory.

Market bellwether Samsung Electronics fell 0.69 percent, and its chipmaking rival SK hynix retreated 1.29 percent.

Top oil refinery SK Innovation dropped 0.21 percent, and No. 1 flagship air carrier Korean Air Lines declined 0.45 percent.

But leading battery maker LG Energy Solution rose 0.23 percent, and No. 2 carmaker Kia gained 0.12 percent.

The local currency was trading at 1,288.15 won against the US dollar, up 5.55 won from the previous session's close. (Yonhap)