(URGENT) Seoul stocks open lower ahead of earnings reports, Fed decision
(END)
Korean stocks began the trading day on a downward trajectory on Monday, as market participants awaited third-quarter earnings disclosures from leading chipmakers and the forthcoming decision from the U.S. Federal Reserve on monetary policy. Following an initial decline of 0.92 percent, the key Korea Composite Stock Price Index (KOSPI) managed to recover slightly, slipping 24.45 points, or 0.46 percent, to a level of 5,524.85 by 9:15 a.m. local time.
The index had earlier enjoyed a 0.3 percent gain on Friday but experienced a 2.08 percent weekly decline, driven by significant foreign selling and heightened volatility in semiconductor shares. Investors are eagerly anticipating earnings reports from SK hynix on Wednesday and Samsung Electronics on Thursday, as they seek insights into the future demand for artificial intelligence (AI) chips and memory pricing.
Moreover, the Federal Reserve's two-day policy meeting, scheduled to commence on Tuesday (U.S. time), is under close scrutiny, with the central bank widely anticipated to maintain interest rates despite ongoing inflationary pressures. Wall Street reflected the same sentiment on Friday, closing lower as rising oil prices and lingering uncertainties surrounding returns on substantial AI investments cast a shadow over market sentiment. Oil prices, however, exhibited a marginal decline.
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.
