Korean stocks fall on 'no-deal summit' between Kim and Trump
- 5 years ago
The Korean stock market won't open until next week, because Friday is a public holiday.
However, it seems like 'no-deal summit' between the leaders of Pyeongyang and Washington negatively affected financial markets a day before.
Ko Roon-hee reports.
It seems like investors were also shocked by the sudden breakdown Thursday of the Kim-Trump summit in Hanoi.
South Korea's benchmark KOSPI plunged almost 40 points, or more than one-and-three-quarter percent, to 21-hundred-95.
The index was over the 22-hundred mark during mid-day trading, but it began to tumble at 3 PM Korean time...when news broke about the luncheon between Kim and Trump being called off.
The tech-heavy KOSDAQ was hit even harder,... slumping around two-point-eight percent to 731.
Stocks related to inter-Korean economic cooperation were hit especially hard.
Shares related to construction and the Geumgangsan Mountain tour program, such as resorts or cruise-related firms, fell by more than 20-percent.
The drop came as many investors were expecting the possible reopening of the tour program after the Hanoi summit.
The South Korean currency closed at around 1-thousand-1-hundred-and-24 won against the U.S. dollar, up more than 5 won from the previous day.
Analysts say foreign investors in particular offloaded local stocks on Thursday...but added the slump shouldn't last for long time, and other factors such as the U.S-China trade negotiations are more important in the long run.
The situation wasn't much different for U.S. stocks.
Wall Street edged down on Thursday due to similar reasons...even as a reading on fourth-quarter growth in the U.S. came in better-than-expected.
The Dow Jones Industrial Average lost almost zero-point-three percent to 25,916.
The Nasdaq dropped zero-point-three percent as well,... to 75-hundred-32.
Ko Roon-hee, Arirang News.
However, it seems like 'no-deal summit' between the leaders of Pyeongyang and Washington negatively affected financial markets a day before.
Ko Roon-hee reports.
It seems like investors were also shocked by the sudden breakdown Thursday of the Kim-Trump summit in Hanoi.
South Korea's benchmark KOSPI plunged almost 40 points, or more than one-and-three-quarter percent, to 21-hundred-95.
The index was over the 22-hundred mark during mid-day trading, but it began to tumble at 3 PM Korean time...when news broke about the luncheon between Kim and Trump being called off.
The tech-heavy KOSDAQ was hit even harder,... slumping around two-point-eight percent to 731.
Stocks related to inter-Korean economic cooperation were hit especially hard.
Shares related to construction and the Geumgangsan Mountain tour program, such as resorts or cruise-related firms, fell by more than 20-percent.
The drop came as many investors were expecting the possible reopening of the tour program after the Hanoi summit.
The South Korean currency closed at around 1-thousand-1-hundred-and-24 won against the U.S. dollar, up more than 5 won from the previous day.
Analysts say foreign investors in particular offloaded local stocks on Thursday...but added the slump shouldn't last for long time, and other factors such as the U.S-China trade negotiations are more important in the long run.
The situation wasn't much different for U.S. stocks.
Wall Street edged down on Thursday due to similar reasons...even as a reading on fourth-quarter growth in the U.S. came in better-than-expected.
The Dow Jones Industrial Average lost almost zero-point-three percent to 25,916.
The Nasdaq dropped zero-point-three percent as well,... to 75-hundred-32.
Ko Roon-hee, Arirang News.