Stocks almost flat late Thu. morning after Fed rate hike
SEOUL, Sept. 17 (Yonhap) -- Seoul stocks were trading almost flat late Thursday ...
Seoul stocks remained nearly unchanged late Thursday morning as investors processed the Federal Reserve's first interest rate hike in over three years. The Korea Composite Stock Price Index (KOSPI) edged up 5.26 points, or 0.08%, to 6,723.23 by 11:12 a.m., reversing earlier gains as the rate increase dampened investor confidence.
The Federal Reserve had increased interest rates by 0.25 percentage points to a range of 3.75% to 4% on Wednesday, aiming to curb inflation. Fed Chair Kevin Warsh noted that inflation was "too high" but refrained from indicating whether the hike marked the start of a series of moves or was an isolated decision. In Seoul, large-cap shares fluctuated, with Samsung Electronics slipping 0.39% and chipmaker SK hynix falling 0.74%.
KB Financial and defense firm Hanwha Aerospace, however, climbed 1.47% and 3.03%, respectively. The Korean won closed at 1,381.9 per U.S. dollar, down 4.9 won from the prior trading session's close.
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