Stocks open higher Tuesday before Fed meeting

Finance

Stocks open higher Tuesday before Fed meeting

Published: 19 Sep. 2023, 10:08

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

Stocks opened higher Tuesday as investors stay on their toes before the rate-setting meeting in the United States later this week.

The benchmark Kospi added 2.56 points, or 0.1 percent, to 2,577.28 in the first 15 minutes of trading.

Overnight, U.S. stocks closed flat. The Dow Jones Industrial Average grew 0.02 percent, the tech-heavy Nasdaq Composite inched up 0.01 percent, and the S&P 500 rose 0.07 percent.

Kospi coughs up Friday gains on chip demand woes

The U.S. Federal Reserve will hold the Federal Open Market Committee for two days starting Tuesday and is expected to keep rates on hold.

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, big-cap stocks traded mixed.

Samsung Electronics gained 0.43 percent, and SK hynix jumped 1.43 percent.

Posco Holdings advanced 0.17 percent, and Posco Future M climbed 0.61 percent.

Hyundai Motor added 0.16 percent, while Kia dipped 0.13 percent, and Hyundai Mobis dropped 0.64 percent.

LG Energy Solution and Samsung SDI were flat. LG Chem retreated more than 1.5 percent.

The local currency was trading at 1,321.3 won against the dollar at 9:15 a.m., down 3.1 won from Monday's close.

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