Kospi Closes Down 4.52%, Gives Up 8,000 Level After One Day
Summary
- The Kospi closed at 7,730.82, down 4.52%% from the previous session, in a sharp selloff.
- The Kospi’s losses widened as Middle East-related concerns coincided with profit-taking, triggering a sell-side sidecar.
- The Kosdaq closed down 1.67%%, while the won-dollar exchange rate ended higher at 1,524.2 won per dollar.
Forecast Trend Report by Period
South Korea’s Kospi reversed course and plunged after just one day.
The benchmark index closed at 7,730.82 on June 10, down 4.52% from the previous session. It fell more than 6.8% at one point during the session and dropped to the 7,540 range.
The Kospi opened at 7,899.77, down 2.43% from the previous close, as profit-taking and Middle East-related concerns weighed on sentiment. The decline accelerated, triggering a sell-side sidecar at about 1:16 p.m. It was the 24th sidecar activation this year, including 12 sell-side and 12 buy-side triggers.
The Kosdaq closed down 1.67% at 956.63.
In Seoul’s foreign-exchange market, the won-dollar exchange rate closed at 1,524.2 won per dollar, up 12.1 won, or 0.80%, from the previous daytime session close.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
