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Korean stocks slump to six month low on China‚ U.S. rate hike concerns

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공표년도

창작년도

2015-08-20

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Korea's benchmark KOSPI dropped zero.86 percent on Wednesday to close at 1‚939.38.
It's the first time in six months the index fell below the 1950 mark.
The secondary stock trading board‚ KOSDAQ‚ dropped more than four percent‚ closing at 670.55.
The sharp decline comes as investment sentiment was dampened due to uncertainties over a possible rate hike in the U.S. and the slowing Chinese economy that prompted the government to devalue its currency.
Experts forecast volatility will rattle the stock market for the time being especially with the recent devaluation of the Chinese yuan.
"With the Chinese economy losing steam‚ the premium for Chinese stocks is low and a vicious cycle created by an investor sell-off is continuing.
It is important for the Chinese economy to recover trust."
Volatile trading sessions continued in China and spread to other Asian markets on Wednesday.
The benchmark Shanghai Composite Index closed up one.two percent after it slipped more than 5-percent in the morning session.
This follows a drop of more than six-percent the previous day.
Japan's Nikkei dropped more than one-and-a half percent and Taiwan's Taiex plunged nearly two-percent on Wednesday.
Connie Kim‚ Arirang News. Reporter : connie1223@arirang.co.kr

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