(LEAD) Seoul stocks open tad higher as Fed holds rates ahead of Samsung earnings report

(ATTN: UPDATES with latest details in paras 2, 6-9; CHANGES photo)

SEOUL, Oct. 29 (Yonhap) -- South Korean stocks opened slightly higher Thursday, buoyed by the Federal Reserve's decision to hold interest rates steady and expectations for strong third-quarter earnings from Samsung Electronics amid robust memory chip demand.

The benchmark Korea Composite Stock Price Index (KOSPI) added 10.2 points, or 0.17 percent, to 6,022.64 as of 9:15 a.m., extending its rally after surging more than 6 percent in the previous session.

Overnight, U.S. stocks gained after the Federal Open Market Committee voted 10-2 to keep its benchmark interest rate unchanged at 3.75-4 percent.

The Dow Jones Industrial Average rose 0.19 percent, the S&P 500 added 0.28 percent, and the tech-heavy Nasdaq gained 0.27 percent.

In the earnings guidance earlier this month, Samsung Electronics forecast third-quarter sales of 195 trillion won (US$145 billion) and operating profit of 107.4 trillion won, driven by strong demand for memory chips used in artificial intelligence (AI) applications.

Market heavyweights were mixed.

Top market cap Samsung Electronics climbed 0.52 percent, and chip giant SK hynix rose 3.5 percent.

In contrast, battery maker LG Energy Solution plunged 7.3 percent, and leading automaker Hyundai Motor fell 2.03 percent ahead of its third-quarter earnings report later in the day.

The Korean won was trading at 1,345.9 won against the U.S. dollar at 9:15 a.m., up 1.1 won from the previous session's close.

ejkim@yna.co.kr
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