- Kospi drops as much as 1.6% as opposition majority gains
- Won weakens vs dollar as hot US inflation stokes risk aversion
South Korean stocks declined after President Yoon Suk Yeol’s party suffered a significant loss in parliamentary elections, likely dealing a blow to his conservative capital market agenda.
The benchmark Kospi fell as much as 1.6% as the market reopened following a holiday for the vote on Wednesday. The won weakened 0.7% to 1,364.85 per dollar, a 17-month low, after stronger-than-expected US inflation data stoked broader risk aversion, strengthening the greenback and overshadowing the impact from the local elections.
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