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Korean shares open lower ahead of rate decisions

South Korean stocks opened lower Tuesday as investors remain cautious on this week's rate decision in Seoul and Washington.

The benchmark Korea Composite Stock Price Index lost 2.68 points, or 0.13 percent, to 2,024.56 in the first 20 minutes of trading.

The Dow Jones industrial average gained 0.20 percent, with the tech-heavy Nasdaq composite index declining 0.59 percent.

Analysts said investors took a wait-and-see attitude on this week's Federal Open Market Committee meeting.

"Declines in large-cap stocks weighed on the index," said Kim Ye-eun, an analyst at LIG Investment & Securities as investors remain cautious on a US rate decision.

Large-cap stocks were mixed across the board.

Naver, the top Internet portal operator, gained 0.25 percent and top auto parts maker Hyundai Mobis Co. was up 0.19 percent.

Meanwhile, market bellwether Samsung Electronics Co. fell 0.23 percent and state-run utility firm Korea Electric Power Corp. declined 1.10 percent.

The local currency was trading at 1,163.45 won against the US dollar, up 4.75 won from the previous session's close. (Yonhap)
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