The recent U.S. stock market pullback has spread to Asia, leaving many indexes including Korean shares plummeting all together. The prospect of the United Kingdom following in the footsteps of the United States in expediting the process of a possible interest rate hike has additionally hurt investment sentiment.
The KOSPI, Korea’s benchmark index, plunged 1.82 percent to close at 2,363.77 on Friday. The index had once dropped by more than 2 percent during the day, but recovered when individuals and businesses began purchasing shares at low prices. The tech-heavy KOSDAQ also dropped 2.24 percent. Foreign investors made the net sale of shares worth 500 billion won on Friday alone, making the total value of shares on Korean stock markets sold in February go over 3 trillion won.
On Thursday (local time), the U.S. Dow Jones Industrial Average Index fell by 4.15 percent to close at 23,860.46. “The long, smooth ride is over,” said The New York Times, analyzing that the market has technically entered correction territory.
Sung-Min Park firstname.lastname@example.org