S.Korean stocks log largest daily loss since pandemic

Quick Summary:

South Korean stock market dropped more than 3% on Friday to breach the psychologically important barrier of 2,700 in almost two months, after weak US jobs and manufacturing data stoked fears of a possible recession, prompting massive selling by foreign investors.The Kospi slid 3.67% to close at 2,676.19 on Friday, its lowest finish since June 4 when it ended at 2,662.10.The index erased 7.4% from its 2024 high of 2,891.35 recoreded last month.

After the release of US jobless claims and manufacturing activity in July, investors fretted the Federal Reserve’s possible rate cut next month, signaled by the Fed Chair Jerome Powell on Wednesday, might be too late to revive the economy.

The share price of Samsung Electronics Co., the world's largest memory chipmaker, lost 4.21% to close at 79,600 won.It wiped 20.9 trillion won ($15 billion) off its market capitalization on Friday alone.

---

More Pictures

---

Read Quick SummarySave Time

or

Article Details

Category: Economy

Markets: South KoreaIndia

Topics: Investors Stock Data Economy Korean Foreign Friday Recession Market Manufacturing Index

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-02 @ 18:05:04 (2 hours ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 513 words

Reading Time: 3 minutes read

Sentences: 30 lines

Sentence Length: 18 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Korea Economic Daily

News ID: 21896705

View Article Analysis

About Korea Economic Daily

Main Topics: Economy

Official Website: kedglobal.com

Update Frequency: 21 posts per day

Year Established: 1964

Headquarters: South Korea

News Last Updated: 8 minutes ago

Coverage Areas: South Korea

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #91

Publisher Details

Frequently Asked Questions