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Seoul shares open higher ahead of FOMC results

Seoul shares open higher ahead of FOMC results

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Published : 2013-12-18 09:29
Updated : 2013-12-18 09:29

South Korean stocks began higher Wednesday as eyes are set on what U.S. Federal Reserve will say about the stimulus cut after its policy meeting, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.10 points, or 0.36 percent to 1,972.84 in the first 15 minutes of trading.

Tech and auto shares led the gain, with market bellwether Samsung Electronics advancing 0.6 percent and Hyundai Mobis, an auto parts-maker, climbing 1.2 percent.

The two-day Federal Open Market Committee (FOMC) is expected to release a statement on Thursday (Seoul time), which investors hope will give some definite answers as to when the tapering of the $85 billion-a-month bond purchases will start.

The Korean won was trading at 1.052.05 won against the U.S. dollar as of 9:15 a.m. on the Seoul market, down 0.95 won from Tuesday's close. (Yonhap News)

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