South Korean stocks hold steady as investors await Fed decision and AI slowdown calls
Seoul's main stock index was unchanged late Tuesday as traders paused ahead of the U.S. Federal Reserve meeting and AI leaders' pleas for slower development.
At 11:20 a.m. on Tuesday, the Korea Composite Stock Price Index (KOSPI) held at 6,684.32 points, indicating a flat market as participants waited for the Federal Reserve's rate-setting meeting. Major technology stocks showed divergent moves: Samsung Electronics edged up 0.5%, SK hynix added 0.82%, and LG Energy Solution surged 3.41%, whereas defense firm Hanwha Aerospace dropped 7.21%. Hyundai Motor inched higher by 0.27%.
The Korean won weakened to 1,354 per U.S. dollar, down 7.8 won from the previous close. These dynamics occurred alongside unified cautions from AI industry executives urging a slowdown in development pace, adding to the market's tentative stance.
Why it matters
The flat market reflects investor caution ahead of a key Fed meeting and growing concerns over rapid AI development.
How this story developed
- Sep 12 OpenAI CEO says 2026 IPO would be poorly timed
- Sep 13 Altman announced the IPO will not proceed in 2026.
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