The Korea Herald

소아쌤

Seoul shares open lower on Fed's rate freeze

By Yonhap

Published : May 2, 2024 - 09:43

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An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Thursday. (Yonhap) An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Thursday. (Yonhap)

South Korean stocks started lower Thursday following the US Federal Reserve's rate-freeze decision.

The benchmark Korea Composite Stock Price Index lost 7.6 points, or 0.28 percent, to 2,684.46 in the first 15 minutes of trading.

On Wall Street, US 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, chipmaker SK hynix fell 2.01 percent, and leading battery manufacturer LG Energy Solution slipped 0.39 percent.

Top carmaker Hyundai Motor declined 1.2 percent, and steel giant Posco Holdings lost 0.25 percent.

But top cap Samsung Electronics rose 0.26 percent.

The local currency was trading at 1,379.8 won against the US dollar, up 2.2 won from the previous session's close. (Yonhap)