Kospi slides 1% as investors await U.S. FOMC meeting

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Kospi slides 1% as investors await U.S. FOMC meeting

Published: 19 Mar. 2024, 10:18

LEE SOO-JUNG
[email protected]

Screens in Hana Bank's trading room in central Seoul show the stock market price as it opens on Tuesday. [YONHAP]

Stocks started lower Tuesday as investors awaited the U.S. Federal Open Market Committee's (FOMC) meeting this week.

The Kospi lost 27.32 points, or 1.02 percent, to 2,658.52 in the first 15 minutes of trading.

Overnight, the U.S. stock market closed higher, mainly led by tech shares, with the Dow Jones Industrial Average rising 0.2 percent and the Nasdaq composite advancing 0.82 percent.

The FOMC is set to start its two-day rate-setting meeting Tuesday (U.S. time).

In Seoul, Samsung Electronics fell 1.37 percent and SK hynix shed 2.5 percent.

Carmakers kicked off lower as well, with Hyundai Motor decreasing 0.62 percent and Kia losing 4.61 percent.

Auto parts maker Hyundai Mobis lost 1.49 percent.

The local currency was trading at 1,337.4 won against the dollar, up 3.7 won from the previous session's close.

BY LEE SOO-JUNG, YONHAP [[email protected]]