Seoul stocks end almost flat as investors weigh Fed's first rate hike in 3 yrs

Seoul stocks closed almost unchanged on Thursday, after a brief surge, as investors absorbed the Federal Reserve's first interest rate increase in more than three years. The Korean won weakened against the U.S. dollar. The Korea Composite Stock Price Index (KOSPI) opened higher but finished down 2.56 points, or 0.04 percent, at 6,715.41.

Throughout the day, the index experienced fluctuating trading as investors remained cautious, waiting for further developments after the Fed's decision to raise the country's base rate by 0.25 percent.

The Fed's decision was largely anticipated, so its market impact was minimal. Analyst Lee Kyoung-min from Daishin Securities noted that investor sentiment remained cautious, as a recent surge in oil prices had moderated. On Wednesday (U.S. time), President Donald Trump announced that the United States and Iran were "hopefully towards the end of the war," after having direct talks with Iranian authorities. Brent crude futures, the global oil benchmark, dropped nearly 3 percent to around $105 per barrel on Thursday.