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  HOME | Business & Economy (Click here for more)

Seoul Stocks Drop to 15-Month Low due to Depreciation of Won

SEOUL – Shares on the Korea exchange fell on Thursday to their lowest level in 15 months due to the depreciation of the won amid fears of a trade war that triggered a selling spree by foreign investors.

The benchmark Kospi index closed with a fall of 18.11 points, or 0.80 percent, to stand at 2,240.80 units while the tech-heavy Kosdaq index declined 0.76 points, or 0.10 percent, to 761.18 units.

Fluctuations in the currency markets provoked by trade tensions between China and the United States caused the won and the yuan to depreciate against the dollar and prompted foreign investors to pull their money out of the Korean market, local analysts said.

Doubts about the business expectations of semiconductor, information technology and automobile firms also contributed to dragging the market down.

Samsung Electronics lost 1.99 percent while the country’s second largest chip maker, SK Hynix, fell 1.58 percent.

Shipbuilding company Hyundai Heavy decreased 4.17 percent while its competitor Samsung Heavy declined 1.5 percent.

The South Korean currency dropped 2.2 units against the US dollar to close at 1,130.1 won.

 

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