A screen in Hana Bank’s trading room in central Seoul shows the Kospi closing at 2,332.31 points on Thursday, down 14.90 points, or 0.63 percent, from the previous trading day. [YONHAP] Stocks closed down on Thursday, as investors were spooked by growing worries over a global economic recession following the U.S. Federal Reserve’s sharp rate hike decision. The benchmark Kospi lost 14.9 points, or 0.63 percent, and closed at 2,332.31. Trading volume was light at 436.1 million shares worth 7.3 trillion won ($5.2 billion), with decliners outnumbering gainers 579 to 299. Thursday’s losses came after the Fed’s overnight decision to raise its benchmark federal funds rate by 75 basis points for a third straight time, with its Chair Jerome Powell confirming his resolution to fight inflation “until the job is done.” “A strong tightening stance from the FOMC meeting coupled with the Fed’s pessimistic outlook on the economy had some impact on the main bourse today,” analyst Lee Kyoung-min from Daeshin Securities said. “We forecast the Kospi could drop to the 2,000 mark as early as the end of this year. A declining trend is expected to continue on until the first half of next year.” Foreign investors sold a… Read full this story
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