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S. Korea's Stock Markets Stunned by SVB Collapse

Written: 2023-03-14 13:53:21Updated: 2023-03-14 14:16:25

S. Korea's Stock Markets Stunned by SVB Collapse

Photo : YONHAP News

South Korea’s key stock markets are showing signs of susceptibility in the wake of the sudden bankruptcy of Silicon Valley Bank in the U.S.

The Korea Composite Stock Price Index(KOSPI) opened trading on Tuesday at two-thousand-390-point-36, down zero-point-84 percent from the previous day. The tech-heavy KOSDAQ also started trading zero-point-06 percent lower than Monday at 788-point-44.

As of 11:30 a.m., the KOSPI stood at two-thousand-363-point-88, down 46-point-72 points, or one-point-94 percent, while the KOSDAQ was at 768-point-14 points, down 20-point-75 points, or two-point-63 percent.

Individual investors net bought 380 billion won in stocks while foreign investors and firms have offloaded more than 400 billion won in stocks on the main bourse KOSPI and the secondary KOSDAQ.

On the foreign exchange, the local currency is fluctuating above the one-thousand-300-won range against the U.S. dollar.

Market observers say the figures show that investment sentiment has sharply contracted amid rising uncertainties triggered by the second-largest bank collapse in U.S. history.

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