The stock market with ‘S fear’… KOSPI 2600 line collapse

On the 10th, information on the KOSPI and exchange rate is displayed on the electronic board of Hana Bank’s dealing room in Jung-gu, Seoul. News 1

On the 10th, the anniversary of the launch of the Yoon Seok Passion Government, the KOSPI fell for the sixth day, giving up the 2,600 level. On this day, the KOSPI closed at 2596.56, down 14.25 points (0.55%) from the previous day. It is the first time in 17 months since November 30, 2020 that the KOSPI closed below the 2,600 line.

The New York Stock Exchange plunged last night on fear of stagflation. The KOSPI showed a sharp decline immediately after opening and was pushed to the 2550 level at the beginning of the market, but in the afternoon, individual investors’ buying power increased and the decline was reduced.

However, it did not recover the 2600 level. The KOSDAQ also closed at 856.14, down 4.70 points (0.55%) from the previous day.

In the Seoul foreign exchange market, the won-dollar exchange rate closed at 1276.4 won, up 2.4 won from the previous trading day (1274.0 won). The exchange rate on that day opened at 1276.0 won, up 2.0 won from the previous trading day. It showed an upward trend from the beginning of the market and climbed up to 1278.9 won during the day, breaking the record high during the market (1276.0 won). It is a record-breaking record for three consecutive trading days. It is the highest level in two years and two months since March 19, 2020 (1285.7 won) as of the market close.

Earlier on the 9th (local time), the Dow Jones Industrial Average of the New York Stock Exchange closed at 32,245.70, down 653.67 points (1.99%) from the previous day. The Standard & Poor’s (S&P) 500 Index plunged 132.10 points (3.20%) to close at 3991.24, and the Nasdaq index, which focuses on technology stocks, plunged 521.41 points (4.29%) to 11,1623.25, respectively. It is the first time the S&P 500 has closed below the 4000 line since March 31 last year. The Dow closed at its lowest level since March 9, last year, and the Nasdaq also recorded its lowest close since November 10, 2020.

Bitcoin, a representative cryptocurrency, was also threatened at one point in the range of $30,000. The Japanese stock market also fell again on the 10th following a sharp drop the day before.



Source: 경제 by www.segye.com.

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