South Korean stock market crashes; more falls ahead

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South Korean stock market crashes; more falls ahead - Korea Economic Daily

Quick Summary:

The South Korean stock market was one of the worst victims of panic selling by investors frightened by the US economy’s deeper recession on Monday, with the main Kospi index breaking below 2,500 on a nearly 9% fall, which activated a circuit breaker for the first time in more than four years.

Korea’s Finance Minister Choi Sang-mok said on Monday the government will stay on high alert and monitor the financial market for 24 hours amid the growing volatility in the global financial market due to concerns over the US economic slowdown and the geopolitical risk in the Middle East.“If necessary, the government will promptly respond according to a contingency plan in close partnership” with related agencies, said Choi.

Considering the global financial meltdown (in 2008), today’s fall cannot be justified.” Most analysts forecast the Korean stock market will remain highly volatile for a while.