Seoul stocks open lower ahead of earnings reports, Fed decision
Korean stocks opened lower Monday as investors awaited third-quarter earnings from major chipmakers and the U.S. Federal Reserve's monetary policy decision later this week amid rising oil prices. After opening 0.92 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) pared its earlier losses to trade down 24.45 points, or 0.46 percent, to 5,524.85 as of 9:15 a.m. The index…
Korean stocks started the trading day lower on Monday, with investors anticipating third-quarter earnings from leading chipmakers and the U.S. Federal Reserve's upcoming decision on monetary policy as oil prices climbed. The benchmark Korea Composite Stock Price Index (KOSPI) began the day 0.92 percent lower but later recovered to finish 0.46 percent down at 5,524.85 points by 9:15 a.m. On Friday, the index had risen by 0.3 percent, but during the week, it had dropped 2.08 percent due to substantial foreign selling and fluctuations in semiconductor shares.
Investors are eagerly awaiting earnings reports from SK hynix on Wednesday and Samsung Electronics on Thursday, hoping to gain insights into the future of artificial intelligence (AI) chip demand and memory prices. Additionally, traders are closely monitoring the Federal Reserve's two-day policy meeting, scheduled to begin on Tuesday (U.S. time). Financial experts widely expect the central bank to maintain interest rates because of ongoing inflationary pressures.
On Friday, Wall Street experienced a decline, also driven by higher oil prices and lingering doubts about the profitability of substantial investments in artificial intelligence. Oil prices experienced a slight decrease.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
