Stocks almost flat late Thursday morning after Fed rate hike
The benchmark KOSPI is displayed at a dealing room of Hana Bank in Seoul, Thursday. Yonhap
Seoul stocks were trading almost flat late Thursday morning as investors digest the Federal Reserve's first rate hike decision in over three years.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.26 points, or 0.08 percent, to 6,723.23 as of 11:12 a.m.
The index pared earlier gains as the Fed's rate increase sapped investor sentiment.
On Wednesday (U.S. time), the Fed raised interest rates by a quarter of a percentage point to a range of 3.75 percent to 4 percent in an effort to fight inflation.
Fed Chair Kevin Warsh said that inflation was "too high" but declined to discuss whether the rate hike was the first of a series of moves or a one-off decision.
In Seoul, large-cap shares were trading mixed.
Samsung Electronics inched down 0.39 percent, while its chipmaking rival SK hynix dipped 0.74 percent.
Among the risers were KB Financial, which added 1.47 percent, and defense firm Hanwha Aerospace, which strengthened 3.03 percent.
The Korean won was quoted at 1,381.9 won against the U.S. dollar as of 11:12 a.m., down 4.9 won from the close of the previous stock trading session.