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An electronic board showing the Korea Composite Stock Price Index (Kospi) at a dealing room of the Hana Bank headquarters in Seoul on Friday. (Yonhap) |
South Korean stocks opened lower Friday, weighed by lackluster earnings and forecasts from major US tech companies, with uncertainties hanging over the Federal Reserve's next move for monetary policy.
The benchmark Korea Composite Stock Price Index slipped 3.7 points, or 0.16 percent, to 2,285.08 in the first 15 minutes of trading.
US stocks ended mixed Thursday amid mixed economic data and earnings reports that included downbeat forecasts by big tech companies, including Meta Platforms, Facebook's parent company.
The US reported that its economy posted growth for the first time this year in the third quarter, but a slowdown in private spending added to economic woes amid decades-high inflation.
Also in focus is whether the Fed will signal a slowdown on its hawkish interest rate hikes. The US central bank is likely to deliver another 0.75 percentage point rate hike as it meeting next week.
In Seoul, tech heavyweights lost ground, with Samsung Electronics falling about 1.4 percent and chip giant SK hynix dipping more than 3 percent.
Chemical companies and automakers rose. LG Chem added 0.5 percent and Posco Chemical gained about 0.8 percent. Hyundai Motor climbed 0.6 percent.
The local currency was trading at 1,421.30 won against the US dollar as of 9:15 a.m., down 4.3 won from Thursday's close. (Yonhap)
