July 6, 2020

New stock market crash in Seoul due to containment in the face of US-China uncertainty

The Seoul Stock Exchange fell on Wednesday for the second consecutive day, as investors opted for containment in the face of growing uncertainty about the future of trade negotiations between the United States and China.

The Kospi benchmark index fell 15.18 points, 0.73%, to 2,068.89 integers, while the Kosdaq technology index fell 4.31 points, 0.68%, to 625.27 units.

The South Korean parquet opened already downward, with uncertainty around the Washington and Beijing trade negotiations in the spotlight, after the US He will suggest that he intends to impose new tariffs on Chinese products if an agreement is not signed before the mid-December deadline.

Foreign investors, who extended their net sales streak for the twentieth day, continued to get rid of actions to avoid risks linked to the uncertainty of the talks, after US President Donald Trump said he doesn't mind waiting another year before reach a pact.

USA and China are the two largest trading partners of South Korea.

Seoul's heaviest companies closed the day mixed. In the technology sector, Samsung Electronics fell 0.9% and chip maker SK hynix left 1.27%.

Among the companies that reaped profits were the vehicle manufacturer Hyundai Motor and its component subsidiary Hyundai Mobis, which rose 0.41% and 0.6% after knowing the plans of the parent company to make a multi-million dollar investment in its model making Current and future technologies by 2025.

The local currency, the won, lost 7.10 units against the US dollar, which was exchanged at 1,194.30 won at closing.

. (tagsToTranslate) New (t) Seoul (t) contention (t) uncertainty (t) US-China

Source link