Economy
KOSPI Rises, Won Weakens on US-China Tensions
Written: 2018-06-25 15:59:05 / Updated: 2018-06-25 16:58:49
South Korean stocks rose slightly on Monday but the local currency weakened to its lowest level since November 2017 amid continued concerns of a trade war between the U.S. and China.
The benchmark Korea Composite Stock Price Index(KOSPI) added point-66 points, or point-03 percent, to close the day at two-thousand-357-point-88.
The tech-heavy KOSDAQ strengthened, gaining five-point-73 points, or point-69 percent. It closed the day at 836.
Meanwhile, on the foreign exchange, the local currency weakened nine-point-eight won against the dollar, ending the session at one-thousand-117-point-two won, its lowest level since November 2017.
A Wall Street Journal report on Sunday said that the U.S. government was drafting rules that would prevent companies with at least 25 percent Chinese ownership from purchasing U.S. firms involved in "industrially significant technology."
The report weighed heavily on investor sentiment, and is the latest move in the growing tit-for-tat trade dispute between the U.S. and China.
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