S. Korea's financial markets hit by U.S.-China trade tensions
- 5 years ago
코스피 넉달 만에 장중 2,100선 내줘…미중 무역갈등 영향
Uncertainties surrounding the U.S.-China trade talks is impacting global financial markets.
Korea's main stock index saw major fluctuations.
It also seems set to deal a major blow to exports as well as the value of the local currency.
Kim Da-mi breaks down the digits for us.
Korea's main stock index, the KOSPI, dipped below the 21-hundred mark for the first time in four months... because of the latest snag in the U.S.-China trade talks.
On Friday morning, Seoul stocks opened higher,... on hopes for a positive result from the talks in Washington.
But as it became clear there was no deal, those gains evaporated.
The won-to-dollar exchange rate, in mid-day trading, rose to over 1-thousand 1-hundred and 80.
This was the highest in 2 years and 4 months.
With investors anxious, South Korea's central bank held an emergency meeting Friday morning to evaluate the impact of the trade tensions on the country's financial markets.
The BOK chief said the bank will closely monitor the U.S.-China situation... and help stabilize markets through close cooperation with the government.
Some impact on the country's exports is also inevitable.
Hyundai Research Institute says when U.S. tariffs on 500 billion dollars of Chinese goods rise from 10 percent to 25 percent, Korea's shipments to China will decrease by 26 billion dollars -- bad news for exports already in a slump.
The Ministry of Trade, Industry and Energy said it will strengthen its monitoring of exports by item and industry and do everything it can to grow them, especially in consumer goods and digital trade.
Kim Da-mi, Arirang News.
Uncertainties surrounding the U.S.-China trade talks is impacting global financial markets.
Korea's main stock index saw major fluctuations.
It also seems set to deal a major blow to exports as well as the value of the local currency.
Kim Da-mi breaks down the digits for us.
Korea's main stock index, the KOSPI, dipped below the 21-hundred mark for the first time in four months... because of the latest snag in the U.S.-China trade talks.
On Friday morning, Seoul stocks opened higher,... on hopes for a positive result from the talks in Washington.
But as it became clear there was no deal, those gains evaporated.
The won-to-dollar exchange rate, in mid-day trading, rose to over 1-thousand 1-hundred and 80.
This was the highest in 2 years and 4 months.
With investors anxious, South Korea's central bank held an emergency meeting Friday morning to evaluate the impact of the trade tensions on the country's financial markets.
The BOK chief said the bank will closely monitor the U.S.-China situation... and help stabilize markets through close cooperation with the government.
Some impact on the country's exports is also inevitable.
Hyundai Research Institute says when U.S. tariffs on 500 billion dollars of Chinese goods rise from 10 percent to 25 percent, Korea's shipments to China will decrease by 26 billion dollars -- bad news for exports already in a slump.
The Ministry of Trade, Industry and Energy said it will strengthen its monitoring of exports by item and industry and do everything it can to grow them, especially in consumer goods and digital trade.
Kim Da-mi, Arirang News.