KOSPI closes at 2,027.15 on Friday
Arirang News
2018-10-26
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코스피 2,030선도 붕괴...나흘째 연저점
The nation's benchmark stock index continues its losing streak, falling to its lowest level this year today.
The KOSPI's downward trend is driven mainly by ongoing domestic and external uncertainties.
Kim Hyesung breaks down the numbers for us.
South Korea's main index recorded another new low for this year,... marking four straight sessions of declines.
The benchmark KOSPI closed at 20-27 Friday,... down 1-and-three-quarters percent, making it the lowest figure since January 2017... mainly on selling by foreign investors and local institutions.
The tech-heavy KOSDAQ also plunged over three percent, closing below 670.
The sell-off Friday came despite a rebound on Wall Street overnight.
The Dow added 1-point-six percent, while the NASDAQ surged three percent on solid earnings from companies like Microsoft and Visa, recovering from the biggest one-day drop in seven years on Wednesday of near four-and-a-half percent.
Experts say market sentiment was hit after the bell by disappointing revenue from tech giants Amazon and Alphabet... and their lower earnings guidance for the fourth quarter.
"The fear that escalating U.S.-China trade tensions will start to hurt the real economy is coming true. The market is under pressure from U.S. companies' sluggish third-quarter earnings and U.S. rate hike. The Korean economy is also slowing down. Local companies' earnings results were lower than expected. For now, there is no attractive sector to invest in so foreign investors are pulling out."
The benchmark KOSPI is down more than 20 percent from this year's peak in January, and down by around 10 percent in the last 30 days.
The Korea Exchange held an emergency meeting Friday, saying it will monitor fluctuations in the financial market and work closely with the financial authorities.
Experts say the turmoil is likely to continue for a while but a rebound could happen after the U.S. midterm elections or the U.S.-China summit on the sidelines of the G20... if President Trump and President Xi reach an agreement on trade.
Kim Hyesung, Arirang News.
The nation's benchmark stock index continues its losing streak, falling to its lowest level this year today.
The KOSPI's downward trend is driven mainly by ongoing domestic and external uncertainties.
Kim Hyesung breaks down the numbers for us.
South Korea's main index recorded another new low for this year,... marking four straight sessions of declines.
The benchmark KOSPI closed at 20-27 Friday,... down 1-and-three-quarters percent, making it the lowest figure since January 2017... mainly on selling by foreign investors and local institutions.
The tech-heavy KOSDAQ also plunged over three percent, closing below 670.
The sell-off Friday came despite a rebound on Wall Street overnight.
The Dow added 1-point-six percent, while the NASDAQ surged three percent on solid earnings from companies like Microsoft and Visa, recovering from the biggest one-day drop in seven years on Wednesday of near four-and-a-half percent.
Experts say market sentiment was hit after the bell by disappointing revenue from tech giants Amazon and Alphabet... and their lower earnings guidance for the fourth quarter.
"The fear that escalating U.S.-China trade tensions will start to hurt the real economy is coming true. The market is under pressure from U.S. companies' sluggish third-quarter earnings and U.S. rate hike. The Korean economy is also slowing down. Local companies' earnings results were lower than expected. For now, there is no attractive sector to invest in so foreign investors are pulling out."
The benchmark KOSPI is down more than 20 percent from this year's peak in January, and down by around 10 percent in the last 30 days.
The Korea Exchange held an emergency meeting Friday, saying it will monitor fluctuations in the financial market and work closely with the financial authorities.
Experts say the turmoil is likely to continue for a while but a rebound could happen after the U.S. midterm elections or the U.S.-China summit on the sidelines of the G20... if President Trump and President Xi reach an agreement on trade.
Kim Hyesung, Arirang News.
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