S. Korean stocks open lower ahead of Trump-Xi summit, Fed rate decision

SEOUL, Oct. 28 (Yonhap) -- Seoul stocks opened lower Tuesday, bucking overnight gains on Wall Street, as investors await a high-stakes meeting between U.S. President Donald Trump and Chinese President Xi Jinping this week.
The benchmark Korea Composite Stocks Price Index (KOSPI) fell 29.15 points, or 0.72 percent, to 4,013.68 in the first 15 minutes of trading.
Overnight, Wall Street's major stock indexes finished up, amid promising hopes for a trade deal between the world's two largest economies. Trump and Xi are scheduled to meet Thursday on the sidelines of the Asia Pacific Economic Cooperation ( APEC ) summit due this week in South Korea.
U.S. Treasury Secretary Scott Bessent told reporters in Kuala Lumpur on Sunday that negotiators from Washington and Beijing had come up with a "framework" for Trump and Xi to discuss.
Investors are also paying keen attention to the Federal Reserve's rate-setting meeting later this week, and quarterly earnings from the "Magnificent Seven" tech giants, with Microsoft, Alphabet and Meta set to release their third-quarter results this week.
In Seoul, most large cap shares were trading lower.
Top-cap Samsung Electronics dipped 1.91 percent, while its rival SK hynix retreated 1.5 percent.
Battery maker LG Energy Solution moved down 1.11 percent, carmaker Hyundai Motor slid 1.38 percent, and defense giant Hanwha Aerospace moved down 1.06 percent.
Bio shares, on the other hand, gathered ground. Celltrion added 1.68 percent, while Samsung Biologics advanced 2.57 percent.
The Korean won was quoted at 1,430.7 won against the U.S. dollar, up 1 won from the previous session's close.

Sumber : yna.co.kr