Seoul stocks end lower amid Fed rate hike woes

• Published date: 22 February 2023
• Publication title: The Korea Times

Seoul shares ended lower Monday, as strong U.S. jobs data fueled fears of further rate hikes to tame inflation. The Korean won fell sharply to a monthly low against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 42.21 points, or 1.7 percent, to close at 2,438.19 points.

Trading volume was moderate at 554 million shares worth some 7.54 trillion won (US$6 billion), with decliners outnumbering gainers 464 to 416.

On Friday (U.S. time), the Dow Jones Industrial Average dropped 0.4 percent, and the tech-heavy Nasdaq Composite sank 1.6 percent.

Exchange rate on rollercoaster ride amid stronger US job recovery

2023-02-06 16:56 | Economy

The Fed raised the benchmark lending rate by 25 basis points Wednesday as expected, and its Chair Jerome Powell said the U.S. central bank needs "substantially more evidence" to be confident that inflation is on a downward path.

Institutions and foreigners sold a combined 817 billion won worth of stocks, offsetting individuals' stock purchases valued at 791 billion won.

The jobs data showed U.S. companies hired twice as many people in January as the previous month, raising worries of more rate hikes by the Fed to slow economic activity...