Kospi, Korean won nose-dive as Israel launches attacks against Iran
Published: 19 Apr. 2024, 12:30
Updated: 19 Apr. 2024, 12:30
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- SHIN HA-NEE
- shin.hanee@joongang.co.kr
![An anti-missile system operates after Iran launched drones and missiles toward Israel, as seen from Ashkelon, Israel, on April 14. [REUTERS/YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2024/04/19/6d3ee474-d31c-46b8-98cb-842e2f2072ea.jpg)
An anti-missile system operates after Iran launched drones and missiles toward Israel, as seen from Ashkelon, Israel, on April 14. [REUTERS/YONHAP]
The Kospi plummeted over 3 percent in mid-trading on Friday, dipping below the 2,560 mark for the first time since February.
As of 12:02 p.m., the main Kospi bourse had shed 71.58 points, or 2.72 percent, reaching 2,563.12. The benchmark index hit a low of 2,553.55.
This marks the lowest point since the benchmark index hit 2,559.39 during mid-trading on Feb. 2.
The local currency, which had been rebounding over the last two days since the won-dollar exchange rate hit a 17-month low on Tuesday, plunged once again to the 1,390 won level.
Factors weighing down on the Korean market include the recent escalation of geopolitical tension in the Middle East following reports of Israel's retaliation against Iranian attacks, downward pressure on semiconductor stocks and New York Federal Reserve President John Williams hinting at a further delay in rate cuts.
BY SHIN HA-NEE [shin.hanee@joongang.co.kr]
with the Korea JoongAng Daily
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