Stock Market Plummets to New Yearly Low

  • By Kwon Soon-wan

    June 23, 2022 09:34

    The benchmark Korea Composite Stock Price Index fell nearly three percent and the junior Kosdaq four percent to new lows for the year on Wednesday.

    The won also weakened for the third day to a 13-year low after the U.S. Federal Reserve's drastic interest rate hike last month sapped investor sentiment in Korea.

    The KOSPI closed down 2.7 percent on Wednesday at 2,342.81 points, the lowest in almost two years. The Kosdaq ended down four percent at 746.96 points.

    An electronic board at KEB Hana Bank headquarters in Seoul shows the Korea Composite Stock Price Index closing at 2,342.81 points on Wednesday. /Newsis

    Foreign investors led the decline by dumping W320.20 billion worth of stocks on the KOSPI, while institutional investors shed W79.40 billion worth.

    But retail investors snapped up W375.60 billion worth of bargains.

    On the Kosdaq, foreign investors sold W52.50 billion worth of shares and institutional investors W60.40 billion while retail investors snapped up W128.70 billion.

    The won hit W1,297.30 against the dollar, the lowest since July 2009 in the aftermath of the global financial crisis. As soon as the stock market opened on Thursday morning, it fell to over W1,300.

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