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Seoul stocks remain bearish after Fed's policy meeting

All News 11:39 November 03, 2022

SEOUL, Nov. 3 (Yonhap) -- Seoul stocks remained in bear territory Thursday morning, as the Federal Reserve's rate-setting meeting dampened investor sentiment.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 15.04 points, or 0.64 percent, to 2,321.83 as of 11:20 a.m.

Tracking overnight Wall Street falls, the KOSPI extended losses as investors digest the aggressive monetary tightening stance from the Fed.

On Wednesday (local time), the U.S. Fed raised its federal funds rate by another 75 basis points. Its Chair Jerome Powell said that there are "some ways to go" in the Fed's battle against inflation, reiterating his hawkish stance.

Three major U.S. stock indexes fell over 1 percent after the press conference.

In Seoul, market heavyweights were in negative terrain.

Market bellwether Samsung Electronics declined 1.34 percent, and rival chipmaker SK hynix lost 1.18 percent.

Samsung Biologics dipped 0.46 percent, top automaker Hyundai Motor inched down 2.12 percent, and portal operator Naver lost 3.45 percent.

In contrast, battery shares gathered ground. Battery maker LG Energy Solution added 1.93 percent, while battery materials maker POSCO Chemical advanced 5.81 percent.

The local currency was exchanging hands at 1,420.5 won against the U.S. dollar, down 3.1 won from the previous day's close, as of 11:20 a.m.


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