Kospi falls 1.8% as tech stocks slide ahead of Jackson Hole
Seoul shares fell 1.79 percent as investors sold technology stocks ahead of the Jackson Hole meeting and amid renewed concerns over U.S. semiconductor tariffs.
Seoul stocks closed sharply down on Friday, snapping their three-day winning streak, as investors sold off tech heavyweights amid external uncertainties, such as Washington’s trade policy. The local currency strengthened against the dollar.
The Kospi closed down 123.49 points, or 1.79 percent, to 6,788.88.
“Investor sentiment was dampened amid external uncertainties, while many maintained a wait-and-see stance ahead of the Jackson Hole meeting tonight,” Lee Kyoung-min, an analyst from Daishin Securities, said.
U.S. Fed Chair Kevin Warsh is set to make his first keynote speech at the high-profile Jackson Hole meeting, which could provide hints to the central bank’s next policy direction.
The Donald Trump administration, meanwhile, said the United States and Iran are not currently in talks to end the war. Reports also suggested that Washington is weighing a new round of tariffs on semiconductors, adding further uncertainties to the market.
The local currency strengthened 8.4 won from the previous session to trade at 1,372.5 against the dollar as of 3:30 p.m.
Yonhap
