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Stocks open lower on discouraging Fed comments

Published: 06 Sep. 2023, 10:02

Screens in Hana Bank's trading room in central Seoul show stock and foreign exchange markets open on Wednesday. [NEWS1]

Stocks opened lower Wednesday as comments from U.S. Federal Reserve officials overnight dampened investor sentiment amid rate hike woes.

The benchmark Kospi opened marginally lower, or down 2.32 points, at 2,579.86 in the first 15 minutes of trading.

Fed Gov. Christopher Waller said Tuesday the central bank has room to proceed with its monetary tightening as recent economic data showed signs of inflation easing.

Federal Bank of Cleveland President Loretta Mester said the Fed may need to raise the interest rate further.

Wall Street closed lower as investors assessed the Fed officials' remarks, along with the gains in oil prices that followed after OPEC+ extended supply cuts.

In Seoul, Samsung Electronics fell 0.6 percent, and SK hynix slid 0.5 percent. Samsung SDI shed nearly 1 percent.

Posco Future M rose 0.9 percent, and Hyundai Motor added about 0.2 percent.

The local currency was trading at 1,332.40 won against the dollar, up 1.8 won from Tuesday's close.

BY SOHN DONG-JOO, YONHAP [[email protected]]