Seoul stocks sink to more than 1-month low
South Korean stocks sank over 2 percent to hit their lowest point in more than a month on July 8 as strong US job data clouded hopes of a rate cut by the Federal Reserve. The Korean won dropped sharply against the US dollar.
The benchmark Kospi dipped 46.42 points, or 2.2 percent, to close at 2,064.17, its lowest since May 31, when the corresponding figure was 2,041.74. Trade volume was moderate at 507 million shares worth 4.27 trillion won ($3.91 billion), with losers outnumbering gainers 839 to 44.
The local currency closed at 1,182 won against the US dollar, down 11.60 won from the previous session’s close, marking its lowest level in 20 sessions.
By Ram Garikipati and newswires (email@example.com)