The KOSPI closed slightly lower on the 17th after foreign investors erased an intraday gain of more than 1% by selling large-cap chip stocks, including Samsung Electronics and SK hynix. The index finished at 6,715.41, down 2.56 points, or 0.04%, according to the Korea Exchange, after opening 0.91% higher and reaching 6,795.53. The Federal Reserve raised its benchmark rate by 0.25 percentage point to 3.75-4.00% at its Federal Open Market Committee meeting, its first increase in three years and two months since July 2023. Fed Chair Kevin Warsh maintained a hawkish tone and left open the possibility of further tightening, widening the Korean-U.S. policy-rate gap to more than 1 percentage point. Foreign investors sold a net 2.28 trillion won ($1.6 billion) in KOSPI shares, extending their selling streak to seven sessions since the 9th. Other corporations bought a net 1.7045 trillion won, helped by large share buybacks by Samsung Electronics and SK hynix, while retail investors and institutions also purchased shares. Market participants said the hawkish FOMC outcome was largely priced in, but whether foreign buying returns remains the key variable for the KOSPI's direction. The KOSDAQ rose 0.76%, while Japan's Nikkei 225 and Taiwan's Taiex also gained.