It will not only be South Korean stocks dipping this week, but likely most of the world as well:
South Korean stocks fell 3 percent to a near two-month low Monday ahead of U.S. reciprocal tariffs set to be announced later this week amid the removal of a short selling ban. The local currency sharply fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) dropped 76.86 points to close at 2,481.12, marking the lowest closing since Feb. 3, when it finished at 2,453.95.
Trade volume was slim at 385.5 million shares worth 8.1 trillion won (US$5.5 billion), with losers sharply outnumbering winners 824 to 87.
Foreigners sold a net 1.5 trillion won worth of stocks, while institutions and individuals purchased a net 666.9 billion won and 789.9 billion won, respectively.
Analysts said investors were concerned that U.S. President Donald Trump’s reciprocal tariffs, slated for Wednesday (U.S. time), would trigger a global trade war. He also confirmed 25 percent tariffs on all imported cars set to take effect Thursday.
Yonhap
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