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Seoul shares open lower on Fed report

All News 09:31 January 28, 2016

SEOUL, Jan. 28 (Yonhap) -- South Korean shares started lower on Thursday as investor sentiment was dampened by the U.S. Fed's concerns over a global economic downturn and the subsequent fall on Wall Street.

The benchmark Korea Composite Stock Price Index (KOSPI) shed 9.58 points, or 0.5 percent, to 1,888.29 in the first 15 minutes of trading.

Overnight, the Dow Jones industrial average fell 1.38 percent and the Nasdaq composite index skidded 2.18 percent, after the central bank renewed worries about financial market turmoil and the global economic slowdown.

Wrapping up its two-day policy meeting on Wednesday (U.S. time), the Federal Open Market Committee said in a statement that it is "closely monitoring global economic and financial developments and is assessing their implications for the labor market and inflation, and for the balance of risks to the outlook," while pointing to weak exports and slowed inventory investment.

Most blue chips were in negative terrain, with tech giant Samsung Electronics tumbling 2.04 percent and top automaker Hyundai Motor skidding 0.73 percent.

The local currency was trading at 1,210.75 won against the U.S. dollar as of 9:15 a.m., down 8.65 won from Wednesday's close.


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