S. Korean Stocks Tumble as Fed Raises Interest Rates

Write : 2018-06-14 16:02:01 Update : 2018-06-14 16:48:12

South Korean stocks fell sharply on Thursday following the U.S. Federal Reserve’s decision to raise interest rates for the second time this year. 

The benchmark Korea Composite Stock Price Index(KOSPI) lost 45-point-35 points, or one-point-84 percent, to close the day at two-thousand-423-point-48.  

The tech-heavy KOSDAQ also tumbled, losing ten-point-48 points, or one-point-20 percent. It closed the day at 864-point-56. 

On Wednesday, the U.S. Federal Reserve voted to lift its benchmark interest rate by point-25 percent to a range of one-point-75 percent to two percent, the highest level since 2008.

A majority of Fed officials also indicated that two more rate rises are likely this year, one more than previously forecast, prompting concern among investors about how the monetary policy will impact the Korean economy. 

On the foreign exchange, the local currency weakened five-point-nine won against the dollar, ending the session at one-thousand-83-point-one won.

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