Seoul shares open lower on Fed’s rate freeze

South Korean stocks started lower Thursday following the U.S. Federal Reserve's rate-freeze decision. The benchmark Korea Composite Stock Price Index (KOSPI) lost 7.6 points, or 0.28 percent, to 2,684.46 in the first 15 minutes of trading. On Wall Street, U.S. stocks closed mixed after the central bank held the key interest rate flat and signaled a future rate cut, citing volatile inflation. The Dow Jones Industrial Average rose 0.23 percent, and the Nasdaq Composite dropped 0.33 percent. In Seoul, chipmaker SK hynix fell 2.01 percent, and leading battery manufacturer LG Energy Solution slipped 0.39 percent. Top carmaker Hyundai Motor declined 1.2 percent, and steel giant POSCO Holdings lost 0.25 percent. But top cap Samsung Electronics rose 0.26 percent. The local currency was trading at 1,379.8 won against the U.S. dollar, up 2.2 won from the previous session's close. Source: Yonhap News Agency