Stocks open lower before BOK rate decision

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Stocks open lower before BOK rate decision

Published: 29 Nov. 2023, 10:00 Updated: 29 Nov. 2023, 10:01

KIM JU-YEON
[email protected]

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

Shares opened lower Wednesday before the Bank of Korea's rate meeting.

The Kospi lost 11.02 points, or 0.44 percent, to 2,510.74 in the first 15 minutes of trading.

Overnight, on Wall Street, U.S. stocks climbed on a dovish comment by a U.S. Federal Reserve official, with the Dow Jones Industrial Average edging up 0.24 percent and the Nasdaq Composite adding 0.29 percent.

The Bank of Korea is set to decide on its policy rate, which is currently standing at 3.5 percent, this week.

In Seoul, major shares started lower.

Samsung Electronics fell 0.69 percent, and SK hynix retreated 1.29 percent.

SK Innovation dropped 0.21 percent, and Korean Air Lines declined 0.45 percent.

But LG Energy Solution rose 0.23 percent, and Kia gained 0.12 percent.

The local currency was trading at 1,288.15 won against the dollar, down 5.55 won from the previous session's close.

BY KIM JU-YEON, YONHAP [[email protected]]