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South Korea: Stocks fall over 2% on reduced bets on steep US rate cuts

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South Korean shares fell over 2 per cent on Monday, the most in two months, as strong US jobs data tempered expectations of aggressive rate cuts by the Federal Reserve, and continued tensions between the world's two largest economies dampened investor sentiment.

[SEOUL] South Korean shares fell over 2 per cent on Monday, the most in two months, as strong US jobs data tempered expectations of aggressive rate cuts by the Federal Reserve, and continued tensions between the world's two largest economies dampened investor sentiment.

The Seoul stock market's main KOSPI stock index closed down 46.42 points, or 2.20 per cent, at 2,064.17, hitting the lowest close since May 31.

The junior KOSDAQ stock index lost 3.7 per cent.

 The KOSPI has risen 1.13 per cent so far this year, and gained 2.5 per cent in the previous 30 trading sessions.

REUTERS