SEOUL: South Korean stocks dropped more than 1 per cent on Friday morning, as Switzerland’s surprising decision to take out its currency cap started a wave of instability in financial markets universal.
The Swiss franc’s return to a free-floating currency on Thursday sent global markets into turmoil, compounding jitters over plunging commodity prices and slowing global growth.
The Korea Composite Stock Price Index (KOSPI) was down 1.21 percent at 1,891.00 points as of 0200 GMT.
Broad declines were seen all across the main board, with 16 out of 17 industry sub-sectors tracked by the bourse operator languishing in negative territory while declining shares outnumbered winners nearly 3 to 1.
Offshore investors were poised for a fifth-straight selling session, having dumped a net 233.2 billion won ($216.55 million) worth of KOSPI shares by mid-morning.
GS Engineering & Construction bucked wider trends to gain 1.5 percent after it won a $2.6 billion construction deal in Venezuela to build a gas plant.
Shares in Hyundai Motor pared earlier losses, down 1.7 percent after a South Korean court ruled partially in favour of the automaker in a wage dispute with its workers.
The KOSPI 200 benchmark of core stocks fell 1.37 percent while the junior, small-cap heavy KOSDAQ edged 0.35 percent lower.
shanghai shares start week with losses 25 june 2018
Hong Kong, (UrduPoint / Pakistan Point News - 25th Jun, 2018 ) :Hong Kong and mainland Chinese stocks fell on...
