The South Korean won is dwon sharply against the U.S. dollar, following a speech Monday by President Lee Myung-bak suspending trade ties with the North and condemning last month's deadly attack by Pyongyang on a South Korea warship.
The South Korean currency is trading at 1212.15 won against the U.S. dollar, down 1.6% and breaching the 1,200-won mark for the first time in since October.
Lee also said North Korean ships will no longer be allowed to pass through any of the shipping lanes in the waters under South Korean control.
"The sea routes meant for inter-Korean exchanges and cooperation must never again be used for armed provocations, he said. Trade and exchanges between the North and South will also be suspended, except for assistance for infants and children.
Showing posts with label SouthKorea. Show all posts
Showing posts with label SouthKorea. Show all posts
Monday, May 24, 2010
Friday, October 24, 2008
Nikkei Closes Down 9.6%
In Japan, the Nikkei 225 index plunged 9.6 percent, hitting its lowest level since May 2003. The Kospi in South Korea plummeted 10.6 percent, falling 1,000 points and heading for a total decline this year of more than 50 percent.
Tuesday, September 16, 2008
Heavy Losses Overnight; BOJ Injects Funds
Asian stock markets sustained heavy losses overnight.
Japanese and South Korean exchanges dropped 4.95% and 6.1% respectively. These exchanges were closed Monday for a holiday.In Tokyo, the Nikkei 225 Stock Average ended at 11609.72, a three-year low. Exporter stocks were hurt by the rising yen, while banking stocks were also hard-hit. Mizuho Financial Group went limit-down while Aozora Bank tumbled 16% on its relatively large exposure to Lehman, while Tokio Marine Holdings ended down 13%.
Meanwhile, the Bank of Japan injected ¥2.5 trillion into Japanese money markets Tuesday and said it would work to ensure stability in the market.
In Korea, the Kospi Composite ending down 6.1% at 1387.75, its lowest close since March 2007.
Hong Kong's Hang Seng tumbled 5.4% to 18300.61 amid weakness in China-related shares. The mainland's Shanghai Composite Index, which tracks both Class A and Class B shares, ended down 4.5% at 1986.64, despite Monday's surprise interest rate cut.
-EPJ Newsdesk
Japanese and South Korean exchanges dropped 4.95% and 6.1% respectively. These exchanges were closed Monday for a holiday.In Tokyo, the Nikkei 225 Stock Average ended at 11609.72, a three-year low. Exporter stocks were hurt by the rising yen, while banking stocks were also hard-hit. Mizuho Financial Group went limit-down while Aozora Bank tumbled 16% on its relatively large exposure to Lehman, while Tokio Marine Holdings ended down 13%.
Meanwhile, the Bank of Japan injected ¥2.5 trillion into Japanese money markets Tuesday and said it would work to ensure stability in the market.
In Korea, the Kospi Composite ending down 6.1% at 1387.75, its lowest close since March 2007.
Hong Kong's Hang Seng tumbled 5.4% to 18300.61 amid weakness in China-related shares. The mainland's Shanghai Composite Index, which tracks both Class A and Class B shares, ended down 4.5% at 1986.64, despite Monday's surprise interest rate cut.
-EPJ Newsdesk
Subscribe to:
Posts (Atom)