Seoul shares open lower ahead of US rate-setting meeting

Dealing room at Hana Bank headquarters in central Seoul, Monday / Yonhap

Koreans stocks opened lower on Monday as investors sat on the sidelines ahead of the U.S. Federal Reserve’s rate-setting meeting this week.

The benchmark Korea Composite Stock Price Index (KOSPI) lost 8.31 points, or 0.2 percent, to 4,091.74 in the first 15 minutes of trading.

The two-day Federal Open Market Committee meeting is set to kick off on Tuesday (U.S. time), with market watchers widely anticipating a 0.25 percentage point cut.

In Seoul, tech shares traded mixed, with top market cap Samsung Electronics remaining unchanged from the previous session while SK hynix slipped 1.1 percent. LG Energy Solution gained 1.88 percent.

Leading carmaker Hyundai Motor shed 1.59 percent, while its sister Kia added 0.73 percent. Hanwha Aerospace climbed 2.91 percent.

The local currency was trading at 1,470.7 won against the greenback as of 9:15 a.m., down 1.9 won from the previous session’s close.