Kospi opens weaker ahead of U.S. rate decision

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Kospi opens weaker ahead of U.S. rate decision

Published: 31 Jan. 2024, 10:13

KIM JU-YEON
[email protected]

Screens in Hana Bank's trading room in central Seoul show stock markets open on Wednesday. [YONHAP]

Shares opened weaker Wednesday ahead of a key rate decision by the U.S. Federal Reserve this week.

The Kospi slid 6.01 points, or 0.24 percent, to 2,492.80 in the first 15 minutes of trading.

Overnight, U.S. stocks closed mixed as Wall Street waited for the Fed's latest decision on interest rates. The Dow Jones Industrial Average inched up 0.35 percent, while the S&P 500 shed 0.06 percent. The Nasdaq composite dropped 0.76 percent.

In Seoul, tech shares took beatings, with Samsung Electronics, which reported a 34.4 percent on-year decrease in fourth quarter operating profit, dropping 0.94 percent. SK hynix also plummeted 2.19 percent.

Naver and Kakao also traded lower, dropping 1.67 percent and 1.29 percent, respectively.

Auto and energy-related shares, however, gained ground, with Hyundai Motor rising 0.84 percent and LG Chem jumping 2.46 percent.

The local currency was trading at 1,330.25 won against the dollar, up 0.85 won from the previous session's close.

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