Anchor: U.S. President Donald Trump’s sweeping reciprocal tariffs went into effect at 12:01 a.m. Wednesday, local time, sending more shock waves to the South Korean stock and foreign exchange markets. South Korean stocks shed nearly two percent on Wednesday to a 17-month low. The local currency also weakened to the lowest level since March of 2009.
Kim Bum-soo has wrapped up the market situation. 

Report: South Korean benchmark index fell to the 17-month low while its currency dipped to the weakest level in 16 years. 

Amid rising concerns about the negative impact of the U.S. reciprocal tariffs, the Korea Composite Stock Price Index, or KOSPI, lost 40-point-53 points, or one-point-74 percent.

As the reciprocal tariffs went into effect shortly after 1 p.m. Wednesday Korea Standard Time, the benchmark index quickly fell below two-thousand-300 points and closed the day at two-thousand-293-point-seven.

This is the lowest closing price since October 31, 2023.

The tech-heavy KOSDAQ dipped 15-point-06 points, or two-point-29 percent, to close at 643-point-39.

On the foreign exchange, the local currency weakened ten-point-nine won against the U.S. dollar, with Wednesday’s 3:30 p.m. closing figure standing at one-thousand 484-point one.

The won-dollar exchange rate is the highest since March 12 of 2009 during the global financial crisis.

Some analysts say that the South Korean indices might suffer more in the even China comes up with retaliatory measures to the U.S. protectionist move.
Kim Bum-soo, KBS World Radio News.