SEOUL: South Korean stocks opened lower Friday, driven by losses in top market cap Samsung Electronics and other market heavyweights following an overnight interest rate decision by the U.S. Fed, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) dropped 6.97 points, or 0.35 percent, to 1,969.52 in the first 15 minutes of trading.
At the end of a two-day rate-setting meeting on Thursday (local time), the Federal Open Market Committee kept its interest rate unchanged. The Dow Jones industrial average ended down 0.39 percent.
Large caps started mixed, with market bellwether Samsung Electronics and top automaker Hyundai Motor losing ground.
Financial issues traded bearish. Shinhan Financial Group shed more than 3 percent, while Samsung Life Insurance lost about 1 percent.
Meanwhile, cosmetics makers, including AmorePacific, remained in positive terrain.
The local currency was trading at 1,167.15 won against the U.S. dollar as of 9:15 a.m., down 1.25 won from Thursday’s close.
