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S. Korean Stocks Continue Slide as US-China Trade Tensions Rise

Written: 2018-06-19 16:01:48Updated: 2018-06-19 16:01:58

South Korean stocks fell on Tuesday as trade tensions between U.S. and China continued to escalate. 

The benchmark Korea Composite Stock Price Index(KOSPI) lost 36-point-13 points, or one-point-52 percent, to close the day at two-thousand-340-point-11.  

The tech-heavy KOSDAQ also fell sharply, losing 24-point-84 points, or two-point-96 percent, closing at 815-point-39. 

On the foreign exchange, the local currency weakened four-point-three won against the dollar, ending the session at one-thousand-109-point-one won. 

On Monday, U.S. President Donald Trump threatened to impose a ten percent tariff on 200 billion dollars of Chinese goods in retaliation to China’s decision to impose tariffs on 50 billion dollars of U.S. goods.

China’s move followed Trump’s earlier announcement that the U.S. would impose 25 percent tariffs on 50 billion dollars of Chinese goods.

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