KOSPI slips 0.04% to 6,715 as Fed raises rates

  • KOSPI closed lower as investors assessed the Federal Reserve’s rate decision.
  • KOSPI fell 0.04% to close at 6,715 on Thursday.
  • Foreign investors extended their net selling streak to seven sessions.

South Korea’s benchmark KOSPI edged down 0.04% to close at 6,715 on Thursday, ending nearly flat from the previous session. Investors assessed the Federal Reserve’s first rate hike in more than three years, a 25-basis-point increase that took its policy rate to 3.75%-4.00%. Although the move was largely priced in, the Fed’s signal that another increase could come later this year limited the index’s advance. Foreign investors extended their net selling streak to seven sessions. Samsung Electronics, SK hynix, SK Square and LG Energy Solution declined, while KB Financial Group, Doosan Enerbility and Hanwha Aerospace gained. Brent crude fell nearly 3% to around $105 a barrel as concerns about oil supply disruptions eased, reducing some pressure from elevated energy costs.

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