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S Korean Stocks Tumble 12% at Close; Financial Services Commission to Activate Mkt Stabilization Plan if Needed
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Bombarded by the U.S. attack on Iran and market concerns over an upsurge in energy prices, the South Korean stock market plummeted. The KOSPI ended down 698 points or 12.1%, at 5,093, more than 20% below last Friday's (27th) historical peak of 6,347. The South Korean stock exchange triggered a circuit breaker in the morning when the KOSPI tumbled over 8%, halting trading on the KOSPI and tech board KOSDAQ markets for 20 minutes. In the FX market, the South Korean won last quoted at 1,472 per US dollar. USD/ KRW shattered below 1,500 during the U.S. session overnight, notching its lowest level since 2009. The South Korean Financial Services Commission stated that if market volatility intensifies excessively, it will actively initiate a market stabilization plan exceeding KRW100 trillion (USD67.8 billion). AASTOCKS Financial News Website: www.aastocks.com |
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