S. Korean stocks down amid massive selling by foreign investors

코스피·코스닥 동반 연저점 경신...환율, 강달러에 장 초반 연고점 경신 Stocks in Seoul closed at their lowest since late 2020... amid a selling spree led by foreign investors. Due to aggressive monetary tightening by the U.S. and concerns over global recession,... the local currency touched an intraday low for the year. Eum Ji-young helps us look beyond the figures. The South Korean stock market remained bearish on Monday,... touching its lowest points so far this year. The country's benchmark KOSPI fell below the 24-hundred threshold during trading on Monday and closed at little above 23-90. This is the first time since November 4th, 2020 that the index closed below the 24-hundred mark. It led losses among the Asia Pacific's major markets,... losing more than 2 percent from the previous trading day. The tech-heavy KOSDAQ also hit its lowest point in 2022. It opened at around 804 on Monday,... up roughly point-7 percent higher from Friday but it headed downward. The index closed below 770, the lowest figure since July 2020. Shares of industry heavyweight Samsung Electronics closed at around 45 U.S. dollar,... falling more than 25 percent compared to the early months of this year. One analyst says the drop is due to foreign investors who hold almost one-third of Seoul's stocks. "Massive selling by foreign investors was the major reason behind the bearish market today. The stock market is likely to head down in the near future as companies' earnings slow and consumption decreases amid accelerating economic recession and high inflation." The South Korean currency has also been losing ground against the strengthening U.S. dollar. On Monday, the won fell to an intraday low for this year to 1-thousand-293 won against the dollar... breaking the record set just last Wednesday. Finance Minister Choo Kyung-ho said on Monday that the government will take action to address any instability in the financial or foreign exchange market. Eum Ji-young, Arirang News. #stock #recession #currency 📣 Arirang News(Facebook) :   / arirangtvnews   📣 Arirang News(Twitter) :   / arirangtvnews   📣 News Center(YouTube) :    / newscenter_arirangtv   2022-06-20, 22:00 (KST)