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South Korean stocks face volatility ahead of Federal Reserve's monetary meeting

EditorPollock Mondal
Published 10/30/2023, 02:42 AM
© Reuters.

South Korean stocks experienced a volatile start on Monday as investors anticipated the Federal Reserve's imminent two-day monetary policy meeting, chaired by Jerome Powell. The KOSPI index, along with other stocks, registered declines amidst this uncertainty, settling at 2,299.03 points.

The tech sector displayed mixed outcomes; while Samsung Electronics (KS:005930)' stocks dipped, SK Hynix's shares rose. Other key market players also faced volatility. Steelmaker POSCO (NYSE:PKX) Holdings and chemical company LG Chemical saw their stocks fall, while Korea Zinc recorded gains. Cosmetics maker AmorePacific also noted a drop in its stock value.

Despite the market fluctuations, the local currency demonstrated resilience. The South Korean Won strengthened against the U.S dollar at a specific time during the session, marking an improvement from the session's close.

As investors keenly observe for any hints on future monetary policies from Powell's chaired meeting, it led to fluctuating stocks and a lower opening for South Korean stocks on Monday. The market's response to the Federal Reserve's upcoming decisions will continue to be closely monitored.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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