SEOUL, April 27 (Yonhap) — South Korean stocks opened lower Tuesday as investors took to the sidelines ahead of a meeting of the U.S. Federal Open Market Committee (FOMC).
The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.75 points, or 0.15 percent, to 3,212.78 points in the first 15 minutes of trading.
Stocks got off to a lackluster start on increased valuation pressure, as investors wondered whether to sell stocks for profit after the KOSPI’s three-day gains.
Concerns about early post-pandemic inflation remained low, with the FOMC widely expected to hold on to its dovish stance to support the economic recovery from the pandemic.
In Seoul, top cap Samsung Electronics lost 0.72 percent, while No. 2 chipmaker SK hynix advanced 2.28.
Giant internet portal operator Naver gained 0.26 percent, and its rival Kakao moved up 2.54 percent.
Pharmaceutical giant Samsung Biologics slipped 0.12 percent, and leading chemical firm LG Chem climbed 0.91 percent. Top automaker Hyundai Motor decreased 0.9 percent.
The local currency was trading at 1,109.55 won against the U.S. dollar, up 3.65 won from the previous session’s close.