South Korea hit by steepest stocks sell-off since 2008, currency tumbles
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South Korea's stock market faced its steepest sell-off since 2008, with the benchmark Kospi dropping 4.3% on March 31, marking a 19.9% decline from its record high in February. The won fell to post-crisis lows, trading over 1,500 to the US dollar. Foreign investors sold a record 35.9 trillion won (US$23.5 billion) in Kospi shares this month, particularly impacting major firms like Samsung Electronics and SK Hynix. Analysts attribute the sell-off to rising energy prices and geopolitical tensions, leading to significant de-risking among investors.
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Source: Businesstimes News The copyright of this article belongs to the original author/organization.
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