Stocks open lower as investors wait Fed's rate policy signal

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Stocks open lower as investors wait Fed's rate policy signal

Published: 05 Sep. 2023, 10:05

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

Stocked opened lower Tuesday as investors wait to hear U.S. Federal Reserve officials' outlook on the monetary policy later in the week.

The benchmark Kospi added 4.53 points, or 0.18 percent, to 2,580.02 in the first 15 minutes of trading.

The U.S. stock markets were closed Monday for Labor Day. European stocks finished 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 central bank's direction for the monetary policy when they speak at public events this week.

In Seoul, Samsung Electronics fell 0.4 percent, and LG Energy Solution dropped 0.2 percent.

LG Chem rose 0.3 percent, and Kakao was up 0.3 percent.

The local currency was trading at 1,320.2 won against the dollar, up 0.4 won from Monday's close.

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