Kospi opens higher ahead of Fed rate decision

Seoul shares started higher Wednesday as investors were paying attention to the results of the Federal Reserve's rate decision meeting.

The benchmark Kospi index added 16.43 points, or 0.67 percent, to 2,473.24 in the first 15 minutes of trading.

Overnight, Wall Street closed lower as investors awaited the Fed's rate decision. The U.S. central bank is widely expected to make its third consecutive rate cut on Wednesday.

In Seoul, most big-cap shares gained ground.

Tech behemoth Samsung Electronics rose 0.55 percent, while its chipmaking rival SK hynix lost 0.92 percent.

Leading battery maker LG Energy Solution increased 0.52 percent and top automaker Hyundai Motor jumped 2.18 percent.

Major shipbuilder HD Hyundai Heavy soared 3.55 percent and biopharmaceutical firm Celltrion advanced 1.29 percent.

The local currency was trading at 1,438.30 won against the U.S. dollar at 9:15 a.m., up 0.6 won from the previous session.

Yonhap