Seoul Shares Open Sharply Lower on Fed Chief's Hawkish Comments
Traders raised September hike bets to 60% after Kevin Warsh warned inflation remains a concern, sending Asian equities and futures lower.
8 Articles
8 Articles
Seoul shares open sharply lower on Fed chief's hawkish comments
Seoul shares opened sharply lower Monday, tracking losses on Wall Street amid the possibility of an imminent rate hike by the U.S. Federal Reserve caused by hawkish comments from its chief last week. The benchmark Korea Composite Stock Price Index (KOSPI) fell 175.30 points, or 2.58 percent, to 6,618.58 at the opening bell. On Friday (U.S. time), the Dow Jones Industrial Average fell 0.02 percent, while the tech-heavy Nasdaq Composite declined 0…
The KOSPI plunged 2.58% as concerns over a September interest rate hike intensified following hawkish remarks by the U.S. Federal Reserve Chair. While major tech stocks such as Samsung Electronics and SK Hynix declined in tandem, experts analyze that the market impact will be limited and are focusing on future U.S. tech earnings and import/export statistics.
(Seoul = Yonhap News) Reporter Kim Yu-hyang = As concerns over a U.S. benchmark interest rate hike resurfaced over the weekend, the KOSPI is expected to face downward pressure on the 31st.
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