Kospi opens lower ahead of U.S. Fed meeting

Finance

Published: 10 Jun. 2024, 10:15 Updated: 10 Jun. 2024, 10:52

Kospi opens lower ahead of U.S. Fed meeting

A screen in Hana Bank's trading room in central Seoul shows stock markets closing on Friday. [YONHAP]

Shares opened sharply lower Monday ahead of the U.S. Federal Open Market Committee meeting this week.

The Kospi lost 28.47 points, or 1.05 percent, to 2,694.20 in the first 15 minutes of trading.

The weak start follows losses on Wall Street last week.

The Dow Jones Industrial Average lost 87.18 points, or 0.22 percent, to close at 38,798.99 on Friday, following stronger-than-expected employment data that weakened hopes for a U.S rate cut.

The U.S. Federal Reserve is set to hold its rate-setting meeting on Tuesday and Wednesday (U.S. time).

In Seoul, most large caps traded lower.

Samsung Electronics plunged 1.81 percent, while SK hynix added 0.24 percent.

Celltrion lost 2.15 percent, with LG Energy Solution retreating 1.95 percent.

Hyundai Motor slipped 0.57 percent, with its smaller affiliate Kia Motors losing 0.74 percent.

The local currency was trading at 1,381.35 won against the dollar, up 16.05 won from the previous session's close.

BY CHOI HAE-JIN, YONHAP [choi.haejin@joongang.co.kr]