S. Korean stocks fall sharply again on Tuesday opening
- 5 years ago
Following yesterday's 'Black Monday' on South Korean markets, the country's two major stock markets got off to an even worse start this morning.
We have our Hong Yoo on the line with the latest on the market turmoil.
So, yesterday, the tech-heavy KOSDAQ plunged to a three-year low and the main benchmark KOSPI had a day to forget too.
It's Tuesday now... are we seeing more of the same.... or a slight pickup?
Mark, local stock markets opened lower than Monday's close with the benchmark KOSPI opening at 19-00, down 2-point-THREE-NINE percent.
The KOSDAQ plunged another 2-point-FIVE-EIGHT percent.
As we are speaking, about three hours since South Korea's benchmark KOSPI and secondary market KOSDAQ has opened, KOSPI is down 16-point-ZERO-NINE points or point-EIGHT-THREE percent.
But KOSDAQ is seeing an increase of 6-point-SEVEN-EIGHT points or 1-point-ONE-NINE percent.
This is a relief for KOSDAQ from Monday when it dropped to the lowest level since January of 2015 on Monday and the Korea Exchange triggered a cool-off period known as a sidecar, during which all program trading is halted for 5 minutes.
Early Tuesday morning, the Korea Exchange held a market inspection conference to examine Monday's plunge.
But it wasn't just Korean stocks that suffered as Asian markets opened lower on Tuesday as well.
Japan's Nikkei dropped 2-point-ZERO-THREE percent to 20,299.
Wall Street also saw its worst drop of the year as China countered President Trump's tariffs by devaluing the yuan and this prompted the U.S. to designate China a currency manipulator.
The S&P 500 dropped 3 percent to 2,844 on Monday for its worst loss this year, the Dow Jones Industrial Average lost 2-point-9 percent and the Nasdaq composite fell 3-and-a half percent.
It was the worst percentage drop for all three indexes this year.
Back to you Mark.
We have our Hong Yoo on the line with the latest on the market turmoil.
So, yesterday, the tech-heavy KOSDAQ plunged to a three-year low and the main benchmark KOSPI had a day to forget too.
It's Tuesday now... are we seeing more of the same.... or a slight pickup?
Mark, local stock markets opened lower than Monday's close with the benchmark KOSPI opening at 19-00, down 2-point-THREE-NINE percent.
The KOSDAQ plunged another 2-point-FIVE-EIGHT percent.
As we are speaking, about three hours since South Korea's benchmark KOSPI and secondary market KOSDAQ has opened, KOSPI is down 16-point-ZERO-NINE points or point-EIGHT-THREE percent.
But KOSDAQ is seeing an increase of 6-point-SEVEN-EIGHT points or 1-point-ONE-NINE percent.
This is a relief for KOSDAQ from Monday when it dropped to the lowest level since January of 2015 on Monday and the Korea Exchange triggered a cool-off period known as a sidecar, during which all program trading is halted for 5 minutes.
Early Tuesday morning, the Korea Exchange held a market inspection conference to examine Monday's plunge.
But it wasn't just Korean stocks that suffered as Asian markets opened lower on Tuesday as well.
Japan's Nikkei dropped 2-point-ZERO-THREE percent to 20,299.
Wall Street also saw its worst drop of the year as China countered President Trump's tariffs by devaluing the yuan and this prompted the U.S. to designate China a currency manipulator.
The S&P 500 dropped 3 percent to 2,844 on Monday for its worst loss this year, the Dow Jones Industrial Average lost 2-point-9 percent and the Nasdaq composite fell 3-and-a half percent.
It was the worst percentage drop for all three indexes this year.
Back to you Mark.