Kospi opens lower after Fed's rate-freeze decision

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Kospi opens lower after Fed's rate-freeze decision

Published: 02 May. 2024, 10:40

A screen in Hana Bank's trading room in central Seoul shows the stock market prices as it opens on Thursday. [YONHAP]

Stocks started lower Thursday following the U.S. Federal Reserve's rate-freeze decision.

The Kospi lost 7.6 points, or 0.28 percent, to 2,684.46 in the first 15 minutes of trading.

On Wall Street, U.S. stocks closed mixed after the central bank held the key interest rate flat and signaled a future rate cut, citing volatile inflation.

The Dow Jones Industrial Average rose 0.23 percent, and the Nasdaq Composite dropped 0.33 percent.

In Seoul, SK hynix fell 2.01 percent, and LG Energy Solution slipped 0.39 percent.

Hyundai Motor declined 1.2 percent, and Posco Holdings lost 0.25 percent.

But Samsung Electronics rose 0.26 percent.

The local currency was trading at 1,379.8 won against dollar, down 2.2 won from the previous session's close.

BY CHOI HAE-JIN, YONHAP [[email protected]]