Stocks open lower ahead of Chinese rate decision
![Screens in Hana Bank's trading room in central Seoul show stock and foreign exchange markets open on Tuesday. [YONHAP]](https://image.koreajoongangdaily.com/11307158.webp?imageId=11307158&width=960&height=642&format=jpg)
Stocks opened lower Tuesday as investors eye the Chinese central bank's monetary policy decisions later in the day.
The benchmark Kospi slid 10.18 points, or 0.39 percent, to 2,599.32 in the first 15 minutes of trading.
The People's Bank of China is expected to cut its benchmark loan prime rate Tuesday amid sluggish growth.
Investors are hoping to see Beijing roll out fresh stimulus to boost demand.
Market observers also pay close attention to what U.S. Federal Reserve Chair Jerome Powell will say during a congressional testimony slated for Wednesday and Thursday.
The Fed has disappointed the markets with some of its officials backing the need for further interest rate hikes by the year-end, dashing hopes that it will end its aggressive rate increases aimed at curbing the runaway inflation.
Wall Street closed Monday for the Juneteenth holiday, celebrating the emancipation of enslaved African Americans.
In Seoul, tech and energy stocks led the decline.
Samsung Electronics slid nearly 1 percent, and LG Energy Solution lost 0.9 percent.
SK Innovation dipped more than 2 percent.
IT stocks gained ground. Naver gained 0.6 percent, and Kakao inched up 0.2 percent.
The local currency was trading at 1,282.7 won against the dollar at 9:15 a.m., up 0.7 won from Monday's close.
BY SOHN DONG-JOO, YONHAP [sohn.dongjoo@joongang.co.kr]
