KOSPI drops below 2,040 level during Thursday's mid-day trading after U.S. stocks fall
- 5 years ago
South Korea's benchmark KOSPI on Thursday fell to its lowest level this year... after U.S. stocks plunged the previous day.
For more, our Ko Roon-hee is on the line for us.
Roon-hee, tell us the latest.
Ji-yoon, Korea's benchmark KOSPI dropped to its lowest this year... at one point hitting around 20-33.
As of 11:20 this morning, it rebounded slightly to two-thousand-44-point-73...which is nearly two and a half a percent down from yesterday's close.
Today's numbers marked the first time it's hit below the 20-50 level since January last year.
And on Wednesday, the KOSPI closed below 21-hundred points, its lowest close since March last year.
This downward trend is affecting the market capitalization of Korea's largest companies.
According to local news outlets, KRX compared the market capitalization of 10 large companies including Samsung and LG from yesterday and from a month earlier... and found that market cap had decreased by 81-point-84 billion U.S. dollars.
So, what is the reason for the fall? How did the U.S. markets do on Wednesday?
Ji-yoon, all major indices on Wall Street fell on Wednesday... with some even wiping out gains made over the past year.
The Nasdaq dropped nearly 4-point-5 percent... losing more than 3-hundred-and-29 points.
It was the worst performer... and had its biggest single-day slide since August 2011.
The Dow Jones Industrial Average shed close to 2-point-5 percent or more than 6-hundred points.
The S&P 500 dropped over 3-percent, or nearly 85-points.
The Dow Jones Industrial Average and S&P 500 erased all of their gains for 2018.
Analysts say uncertainties about the local and global economy have led to this massive sell-off.
Investors have been worried about disappointing earnings reports from U.S. companies.
This is related to the intensifying trade tensions between the U.S. and China... and investors are worried that the impact of this trade spat is finally affecting corporate performances.
There are other reasons as well... like uncertainty surrounding the upcoming U.S. midterm elections and how it will affect the economic policies.
Analysts added that the expectation that the U.S. Fed will continue to raise interest rates has also contributed to the fall.
That's all from me at this hour, Ji-yoon.
For more, our Ko Roon-hee is on the line for us.
Roon-hee, tell us the latest.
Ji-yoon, Korea's benchmark KOSPI dropped to its lowest this year... at one point hitting around 20-33.
As of 11:20 this morning, it rebounded slightly to two-thousand-44-point-73...which is nearly two and a half a percent down from yesterday's close.
Today's numbers marked the first time it's hit below the 20-50 level since January last year.
And on Wednesday, the KOSPI closed below 21-hundred points, its lowest close since March last year.
This downward trend is affecting the market capitalization of Korea's largest companies.
According to local news outlets, KRX compared the market capitalization of 10 large companies including Samsung and LG from yesterday and from a month earlier... and found that market cap had decreased by 81-point-84 billion U.S. dollars.
So, what is the reason for the fall? How did the U.S. markets do on Wednesday?
Ji-yoon, all major indices on Wall Street fell on Wednesday... with some even wiping out gains made over the past year.
The Nasdaq dropped nearly 4-point-5 percent... losing more than 3-hundred-and-29 points.
It was the worst performer... and had its biggest single-day slide since August 2011.
The Dow Jones Industrial Average shed close to 2-point-5 percent or more than 6-hundred points.
The S&P 500 dropped over 3-percent, or nearly 85-points.
The Dow Jones Industrial Average and S&P 500 erased all of their gains for 2018.
Analysts say uncertainties about the local and global economy have led to this massive sell-off.
Investors have been worried about disappointing earnings reports from U.S. companies.
This is related to the intensifying trade tensions between the U.S. and China... and investors are worried that the impact of this trade spat is finally affecting corporate performances.
There are other reasons as well... like uncertainty surrounding the upcoming U.S. midterm elections and how it will affect the economic policies.
Analysts added that the expectation that the U.S. Fed will continue to raise interest rates has also contributed to the fall.
That's all from me at this hour, Ji-yoon.