SEOUL, July 6 (Xinhua, APP): South Korean stocks fell to the lowest in about 20 months Wednesday on rising worry about global economic recessions, with the local currency hitting a 13-year low.
The Korea Composite Stock Price Index (KOSPI) declined 49.77 points, or 2.13 percent, to finish at 2,292.01. It slipped below 2,300 points, the first time since Oct. 30, 2020.
Concerns mounted over global economic recessions, driven by geopolitical risks in Europe.
The yield on 10-year U.S. Treasury bonds got lower than 2-year bonds yield, reflecting a worry about the U.S. economic recessions.
Foreign investors dumped both local stocks and stock futures amid the domestic currency’s depreciation against the U.S. dollar.
The won/dollar exchange rate dropped 6.0 won to end at 1,306.3 won per dollar, marking the lowest in nearly 13 years since July 13, 2009.
Market bellwether Samsung Electronics retreated 1.4 percent, and top automaker Hyundai Motor sank 2.8 percent. Leading chemical firm LG Chem dwindled 1.2 percent, and memory chip giant SK Hynix fell 0.4 percent.
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