Stocks open lower before U.S. rate-setting meeting

Finance

Stocks open lower before U.S. rate-setting meeting

Published: 18 Sep. 2023, 09:54 Updated: 18 Sep. 2023, 09:58

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

Stocks opened lower Monday, tracking Wall Street losses on Friday. Investors await the U.S. Federal Reserve's rate-setting meeting later in the week.

The benchmark Kospi dropped 10.44 points, or 0.4 percent, to 2,590.84 in the first 15 minutes of trading.

The Federal Reserve will hold the Federal Open Market Committee (FOMC) on Tuesday and Wednesday and likely hold key rates steady.

Stocks open higher following Wall Street rallies

But the market expects the U.S. central bank may deliver one more rate hike this year, given the solid economic recovery of the world's largest economy.

In Seoul, market heavyweights led the early decline.

Samsung Electronics tumbled 0.97 percent, and SK hynix shed 0.08 percent.

LG Energy Solution sank 1.56 percent, and Samsung SDI retreated 0.86 percent.

Hyundai Motor lost 0.31 percent, and Kia retreated 0.75 percent.

The local currency was trading at 1,328.3 won against the dollar at 9:15 a.m., up 2.4 won from Friday's close.

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