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KOSPI Plummets 3.50% on US Rate Hike Signals

Written: 2022-01-27 15:38:22Updated: 2022-01-28 10:29:45

KOSPI Plummets 3.50% on US Rate Hike Signals

Photo : YONHAP News

South Korea’s benchmark stock price index plunged over three percent after the U.S. Federal Reserve hinted at an imminent benchmark interest rate hike. 

The benchmark Korea Composite Stock Price Index(KOSPI) fell 94-point-75 points, or three-point-50 percent, on Thursday, ending the day at two-thousand-614-point-49.

Foreigners net sold one-point-63 trillion won in local stocks and individuals dumped 174-point-six billion won in shares just hours after Fed Chair Jerome Powell said he believes there's "quite a bit of room" for rate hikes without hurting the labor market. 

A rate hike, which will be the Fed’s first since December 2018, is expected to come as early as in March. 

The tech-heavy KOSDAQ also plunged, losing 32-point-86 points, or three-point-73 percent, to close at 849-point-23.

On the foreign exchange, the local currency weakened five-point-one won against the dollar, ending the day at one-thousand-202-point-eight won.

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