KOSPI retreats as investors turn cautious ahead of Fed chair's rate clues
Seoul stocks fell for the first time in four sessions Friday, as foreign-led selling pressure weighed on the market and investors turned cautious ahead of Federal Reserve Chair Kevin Warsh’s keynote speech at the central bank’s Jackson Hole symposium. The speech, scheduled for 10 a.m. Friday (local time), is drawing close attention as the market looks for clues about the central bank’s next moves…
Seoul stocks experienced a decline for the first time in four consecutive days on Friday, as foreign investors drove selling pressure in the market. Concerns over the Federal Reserve Chair Kevin Warsh's upcoming keynote speech at the central bank's Jackson Hole symposium further prompted cautious behavior among investors. The speech, set to take place at 10 a.m. local time, is closely watched for potential insights into the central bank's future actions and the factors that might prompt an interest rate adjustment.
The KOSPI, the benchmark stock index, opened at 6,846.54, slipping 0.95 percent from the previous session. Throughout the day, the index remained in negative territory, ultimately closing at 6,788.88, marking a decline of 1.79 percent. Foreign investors were the primary drivers of the selling, disposing of a net 1.76 trillion won worth of shares ($1.28 billion).
Institutional investors also contributed to the downward movement, selling 284 billion won in stocks. In contrast, domestic retail investors showed a different trend, participating in the market rally.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
