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Seoul: Stocks plunge to a 4-month low, won falls on Trump risk

Wednesday, November 9, 2016 - 14:58

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[SEOUL] South Korean shares and won plunged on Wednesday as Republican Donald Trump closed in on a shock victory in the US presidential election.

The Korea Composite Stock Price Index (Kospi) closed down 2.3 per cent at 1,958.36 points, its lowest level since July 8 of this year.

The won was quoted at 1,149.5 to the US dollar, its one-week low at the conclusion of onshore trade, down 1.3 per cent compared to Tuesday's close of 1,135.0.

The won weakened as far as 1,157.3 during the session, and traders suspected the South Korean authorities intervened to support their currency.

Automobile, renewable energy, and tech firms' shares dropped while defence-related companies' shares rose, responding to Mr Trump and Mrs Clinton's tight race throughout on Wednesday.

Offshore investors sold a net 215 billion won (S$260.44 million) worth of Kospi shares.

REUTERS

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