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Seoul Loses 0.77% due to lack of progress in the Moscow-kyiv talks

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Seoul, March 21 (EFE) .- The Kospi, the reference index of the Seoul Stock Exchange, lost 0.77% today due to the lack of substantial progress in the talks between Moscow and kyiv and the comments of a member of the Fed US on a tightening of monetary policy.

The South Korean benchmark fell 20.97 points to 2,686.05 points, while the Kosdaq technology index fell 4.56 points, or 0.49%, to 918.4 points.

Although the Kospi opened higher, it quickly reversed course on the apparent loss of patience of investors due to the lack of progress in the negotiations on the war in Ukraine.

With foreign and institutional participants as the main sellers, most values ​​fell in a day in which the words pronounced on Friday by Christopher Waller, a member of the Board of Governors of the Fed, who said that it would be convenient to raise rates in half a point to combat inflation.

Samsung Electronics, the largest stock on the Seoul Stock Exchange, fell 1.13% today, and the world’s second largest memory chip maker, SK Hynix, lost 1.61%.

Naver, the corporation behind the main South Korean search engine, closed down 1.6%, and cocoa, operator of the most popular instant messaging application in the Asian country, fell 3.23%.

In the biopharmaceutical sector, Samsung Biologics was one of the few exceptions, with a rise of 0.12%, while its competitor Celltrion, already worsened by 2.95%.

The number one domestic carmaker, Hyundai Motor, fell 1.46%.

c) EFE Agency

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