Stocks decline for a sixth day after Wall Street rout

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Stocks decline for a sixth day after Wall Street rout

Published: 14 Jun. 2022, 13:58 Updated: 14 Jun. 2022, 17:29

Electronic display boards show indexes and the exchange rate at Hana Bank in central Seoul on Tuesday. [YONHAP]

Stocks continued to fall in Seoul Tuesday, with the Kospi down 1.26 percent in the morning after an overnight rout on Wall Street.

Investors are fleeing to safer assets and markets as interest rates rise rapidly.

Korean stocks have been falling for six consecutive days, with the benchmark index now trading below the 2,500-point level for the first time since November 2020.

The local currency opened at 1,291.5 won against the dollar, up 7.5 won from the previous day's close.

The U.S. Federal Reserve Federal Open Market Committee is meeting through Wednesday and the market is starting to anticipate a 0.75-point increase in rates.

BY CHO JUNG-WOO [[email protected]]