Seoul: Stocks at near 4-mth low, won at 3-wk low on Britain's leave
[SEOUL] South Korean shares and won plunged on Friday after Britain voted to leave the European Union - an unexpected devlopment in the light of late pre-vote opinion polls favouring a narrow victory for the "remain" side.
The Korea Composite Stock Price Index (Kospi) closed down 3.1 per cent at 1,925.24 points, its lowest level since February 29.
The won was quoted at 1,179.9 to the US dollar at the conclusion of onshore trade, down 2.6 per cent versus Thursday's close of 1,150.2. It notched its weakest level since early June.
Britain's decision to leave the EU was expected to have only a limited impact on the South Korea's real economy, the trade ministry said in a statement.
South Korea's vice finance minister said the government could possibly consider fresh currency swap arrangements in response to the Britain's decision to leave.
Offshore investors sold a net 148 billion won (S$171.19 million) worth of Kospi shares.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Europe: Shares end higher on tech support; banks slide
US: Stocks rally on cooler hiring numbers
Singapore stocks end week in the red; STI down 0.1%
Asia: Markets track Wall Street higher as rate hopes rise, eyes on US jobs
H2G Green chief to stand trial on Aug 5 amid MOM probe
Singapore shares climb at Friday’s open; STI up 0.2%