Kospi trades below 2,600 for the first time in three months over U.S. recession fears

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Kospi trades below 2,600 for the first time in three months over U.S. recession fears

Published: 05 Aug. 2024, 10:52 Updated: 05 Aug. 2024, 10:54

SHIN HA-NEE
shin.hanee@joongang.co.kr

A screen in Hana Bank's trading room in central Seoul shows the Kospi opening on Monday. [NEWS1]

Korea’s main stock index slid below the 2,600 mark for the first time in three months on Monday.

As of 10:45 a.m., the Kospi stood at 2,557.80, down 118.39 points or 4.42 percent from the previous trading day.

It is the first time since April 19 that the benchmark index traded below the 2,600 mark. The Kospi plunged to as low as 2,552,79 points, the lowest point since February 1, when the index reached 2,491.93.

The decline was driven by growing U.S. recession worries and underperforming Big Tech firms.

Heavyweights fell across the market, with Samsung Electronics sliding 5.15 percent to 75,500 won, SK hynix down 4.50 percent to 165,400 won and Hyundai Motor down 5.12 percent to 231,500 won.

The Ministry of Economy and Finance held a conference call on Monday with the Bank of Korea and financial authorities amid the steep fall in the stock market. The government will continually monitor the market situation.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]