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Seoul stocks open higher as investors await Fed meeting

Stock market in South Korea (Yonhap)
Stock market in South Korea (Yonhap)
South Korean stocks opened higher Tuesday ahead of the upcoming US Federal Reserve meeting this week.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 8.82 points, or 0.27 percent, to trade at 3,260.95 points in the first 15 minutes of trading.

The KOSPI started off with mild gains as investors are awaiting clues about when the world's largest economy will start tapering its asset-buying policy. The Federal Open Market Committee rate decision comes on Wednesday (US time).

Overnight, the tech-heavy Nasdaq Composite gained 0.74 percent, while the Dow Industrial Average fell 0.25 percent.

In Seoul, market bellwether Samsung Electronics gained 0.75 percent, and No. 2 chipmaker SK hynix advanced 1.57 percent.

Internet portal operator Naver lost 0.52 percent, and giant pharmaceutical firm Samsung Biologics decreased 0.82 percent.

Top automaker Hyundai Motor edged up 0.21 percent, and leading chemical firm LG Chem climbed 1.09 percent.

The local currency was trading at 1,118.2 won against the US dollar, down 1.5 won from the previous session's close. (Yonhap)