KOSPI tumbles nearly 3% on US inflation fears: DONG-A ILBO
It turns into a Black Monday as stock markets in Asia, including Korea, fell around 3% on inflation fears from the United States. Concerns over monetary tightening aimed at preventing inflation are causing stock and bond prices to continue to decline, as well as the value of the won against the dollar. Some say the Korean economy, which is already battered by the so-called three peaks – high interest rates, a strong dollar and high inflation – is in an alarming situation.
The Kospi closed at 2,504.51 on Monday, down 3.52% from Friday’s close. It was the biggest decline in a year and 10 months when the stock market fell 3.66% due to the resurgence of Covid-19 on August 20, 2020. The Kosdaq also plunged 4.72% at 828.77, which was the lowest level since falling 7.09% on June 15, 2020.
Other Asian stock markets also fell: Japan’s Nikkei index fell 3.01%, Taiwan’s TAIEX index fell 2.36% and China’s SSEC index lost 0. .89%.
The value of the won and the prices of treasury bills fell. The local currency finished at 1,284.0 won against the US dollar, up 15.10 won from the previous session’s close. It was the biggest increase in a year and four months since it fell 15.7 won on Feb. 26. dated April 6, 2012. The prices of treasury bills fall when their yields rise.
Yoo-Hyun Kang firstname.lastname@example.org