Seoul stocks open lower ahead of US FOMC meeting

South Korean stocks opened lower Tuesday as investors took to the sidelines ahead of a meeting of the US Federal Open Market Committee (FOMC).

The benchmark Korea Composite Stock Price Index (KOSPI) retreated 13.8 points, or 0.46 percent, to 2,987.86 points in the first 15 minutes of trading.

The KOSPI dropped below the 3,000-point level as investors weighed the possibility of the Fed quickening its stimulus withdrawal and making hawkish signals about adjusting its key interest rate.

Overnight, the tech-heavy Nasdaq composite lost 1.39 percent and the Dow Jones Industrial Average decreased 0.89 percent.

Top cap Samsung Electronics lost 0.65 percent in Seoul, and No. 2 chipmaker SK hynix traded flat.

Giant internet portal operator Naver shed 0.77 percent, and its rival Kakao moved down 1.67 percent.

Among gainers, pharmaceutical giant Samsung Biologics added 1.26 percent, with leading automaker Hyundai Motor increasing 0.72 percent.

The local currency was trading at 1,184.3 won against the US dollar, down 3.5 won from the previous session's close. (Yonhap)