Stocks open lower ahead of earnings reports and FOMC

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Stocks open lower ahead of earnings reports and FOMC

Published: 24 Jul. 2023, 09:52

Screens in Hana Bank's trading room in central Seoul show stock and foreign exchange markets open on Monday. [YONHAP]

Stocks opened lower Monday as investors kept tabs on major companies' earnings reports and the U.S. central bank's rate-setting meeting later in the week.

The benchmark Kospi shed 11.49 points, or 0.44 percent, to 2,598.27 in the first 15 minutes of trading.

Investors await the quarterly results of major companies this week, including chip giants Samsung Electronics and SK hynix.

Eyes are also on the Federal Reserve's two-day rate-setting meeting set to begin Tuesday, where the U.S. central bank is largely expected to raise the key rate by 0.25 percentage point.

On Friday, U.S. stocks closed mixed as investors assessed the latest corporate earnings reports. The Dow Jones Industrial Average inched up 0.01 percent, and the tech-heavy Nasdaq Composite dropped 0.22 percent following recent gains.

In Seoul, large-cap tech and bio shares led the downturn in the index.

Samsung Electronics lost 0.43 percent, and SK hynix sank 1.48 percent.

Samsung Biologics decreased 1.2 percent, and Celltrion retreated 1.92 percent.

Carmakers also fell, with Hyundai Motor falling 1.15 percent and Kia going down 1.54 percent.

Among gainers, Posco Holdings rose 11.8 percent, and Posco Future M jumped 6.42 percent.

The local currency was trading at 1,287.55 won against the dollar at 9:15 a.m., up 4.15 won from the previous session's close.

BY SOHN DONG-JOO, YONHAP [sohn.dongjoo@joongang.co.kr]