Our starting point is the nation’s stock market.
The benchmark KOSPI and tech-heavy KOSDAQ
plunged to a three-year low today as trade
tensions between Korea and Japan intensify.
The secondary bourse also had to halt trading
during the day as the index fell below 600.
SEO Eunkyung has our top story.
Korea’s secondary bourse KOSDAQ plunged almost
7-and-a-half percent on Monday… to 569-point-7-9,
the lowest level since January of 2015.
Once it had fallen more than 5 percent, the
Korea Exchange triggered a cool-off period
known as a sidecar, during which all program
trading is halted for 5 minutes.
According to exchange rules, the activation
of the sidecar on Monday was the first time
since June 24 of 2016.
Korea’s benchmark KOSPI also fell.
The index closed on Monday at just under 19-47,
losing two-point-five-six percent.
During trading, it fell below 19-46, the lowest
figure in two years and nine months.
The KOSPI had fallen below the 2-thousand-point
mark last Friday for the first time in seven
It wasn’t just Korean stocks that suffered.
Major indexes in Asia were also down significantly.
China’s benchmark Shanghai Composite fell
more than one-point-six percent to around
28-22 while Japan’s Nikkei and Hong Kong Hang
Seng Index were down one-and-three-quarters-percent
and a little over two-point-eight percent,
“The recent Fed cut was less aggressive than
some hoped for.
U.S. President Trump announced a new 10-percent
tariff on 300 billion dollars’ worth of Chinese
imports starting September 1st.
And Japan has decided to remove Korea from
its whitelist of trading partners.
All these external factors have made investors
worry about slow growth, dragging down stock
Meanwhile, the Korean won surged to 1-thousand-2-hundred-14
won against the greenback, breaking the 1-thousand-2-hundred
mark since January, 2017.
Seo Eunkyung, Arirang News.