South Korean stocks plunged due to US recession fears, with KOSPI index set for steepest daily drop in four years.
South Korean stocks plunged Monday due to fears of a US economic recession. The Korea Exchange temporarily halted trading, implementing a five-minute "sidecar" limit to halt orders for program trading. The selloff affected major companies including Samsung Electronics, SK Hynix, and Hyundai Heavy Industries. The KOSPI index continued to fall after trading resumed, on track for its steepest daily drop in over four years. This followed weak US jobs data and an unexpected increase in the unemployment rate, causing concerns over a potential US recession.
August 05, 2024
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