S Korea: Stocks plunge nearly 1.5% amid intensifying trade frictions
[SEOUL] South Korean shares slumped 1.4 per cent on Thursday as foreign investors and local institutions trimmed their equity exposure amid intensifying trade frictions. The won and the benchmark bond yield fell after the central bank cut its 2019 growth forecast further to a seven-year low.
The main KOSPI stock index closed down 32.12 points, or 1.43 per cent, at 2,213.77, declining for a second straight session.
South Korean shares extended losses as foreign investors who have been key to recent gains turned net sellers, said Kim Hyoung-ryoul, chief of research centre at Kyobo Securities.
Foreigners were net sellers of US$131.37 million worth of shares on the main board.
South Korea's central bank cut its 2019 growth forecast further to a seven-year low while keeping its policy rate unchanged, bolstering chances it may soon cut rates amid sagging exports and muted inflation.
REUTERS
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
Singapore stocks end lower after US market wobbles ahead of CPI data; STI down 0.2%
LSEG reports in-line first quarter as Microsoft partnership progresses
Japan brokerage Daiwa’s Q4 profit more than doubles as markets recover
South Korea readies new system to detect illegal short-selling
Asia: Markets mixed as global rally stalls, eyes on yen
Singapore shares retreat at Thursday’s open; STI down 1.1%