Kospi opens lower ahead of earnings reports, Fed decision

Stocks opened lower Monday as investors awaited third-quarter earnings from major chipmakers and the U.S. Federal Reserve's monetary policy decision later this week amid rising oil prices.

The benchmark Kospi fell 51.25 points, or 0.92 percent, to 5,499.05 at the opening bell.

The index gained 0.3 percent Friday but lost 2.08 percent for the week amid heavy foreign selling and volatility in semiconductor shares.

Investors are awaiting earnings reports from SK hynix on Wednesday and Samsung Electronics on Thursday for clues about the outlook for AI chip demand and memory prices.

Wall Street closed lower Friday as rising oil prices and lingering concerns over returns on massive AI investments weighed on sentiment.

Oil prices edged lower from a six-month high early Monday, despite renewed geopolitical tensions after U.S. President Donald Trump signaled his willingness to resume strikes on Iran.

Yonhap