Seoul: Stocks drop over 1% on foreigners' sell-off

[SEOUL] South Korea's KOSPI stock index stumbled on Thursday as foreigners sold off local stocks, marking the biggest amount since Oct 23, 2018, amid mounting tension between the United States and China.

The Seoul stock market's main KOSPI fell 25.10 points, or 1.20 per cent, to 2,067.68.

The KOSPI has risen 1.31 per cent so far this year, and fell 3.5 per cent in the previous 30 trading sessions.

The won was quoted at 1,191.5 per dollar on the onshore settlement platform, 0.24 per cent lower than its previous close at 1,188.6, after it hit a fresh 28-month low.

A senior South Korean finance ministry official told Reuters by phone that "authorities are closely watching the foreign exchange market" which is usually taken by dealers as a warning against one-way bets on the currency. Multiple FX dealers suspected the authorities were selling dollars to curb won's weakness.

REUTERS