Seoul shares open sharply lower on Fed chief's hawkish comments
Seoul shares opened sharply lower Monday, tracking losses on Wall Street amid the possibility of an imminent rate hike by the U.S. Federal Reserve caused by hawkish comments from its chief last week. After opening 2.58 percent down, the benchmark Korea Composite Stock Price Index (KOSPI) trimmed earlier losses, trading 163.60 points, or 2.41 percent lower at 6,625.28, as of 9:15 a.m. On Friday…
Seoul's stock market experienced a sharp decline on Monday, mirroring losses on Wall Street, due to possible imminent interest rate hikes by the U.S. Federal Reserve, as suggested by key officials. The Korea Composite Stock Price Index (KOSPI) fell 2.41 percent, closing at 6,625.28 points after initially dropping 2.58 percent. On the previous trading day, the Dow Jones Industrial Average saw a slight decline of 0.02 percent, while the tech-focused Nasdaq Composite slipped 0.52 percent.
During his inaugural major address as Federal Reserve Chair, Kevin Warsh expressed concerns over inflation, hinting at the possibility of additional interest rate hikes at the upcoming annual Jackson Hole symposium in Wyoming. Large-cap stocks in Seoul showed significant losses, with Samsung Electronics, SK hynix, Hyundai Motor, and Hanwha Aerospace recording declines of 2.53 percent, 2.18 percent, 0.88 percent, and 0.09 percent respectively.
Conversely, POSCO Holdings and SK Innovation managed to rise by 0.15 percent and 5.99 percent respectively.
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.
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