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The situation in Ukraine and the Fed meeting make Seoul fall by 0.59%

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Seoul, March 14 (EFE).- The Kospi, the reference index of the Seoul Stock Exchange, lost 0.59% today in a day conditioned by the meeting held by the US Federal Reserve this week and the worsening of the situation in Ukraine.

The South Korean benchmark fell 15.63 points to 2,645.65 points, while the Kosdaq technology index fell 19.27 points, or 2.16%, to 872.44 points.

The selective added its second consecutive decline today ahead of the Fed’s two-day meeting that starts on Tuesday with the prospect that US rates will rise in March and with the South Korean parquet awaiting the clues it may give the monetary organ on the direction of its policy.

The Russian bombardment of Ukrainian positions near Poland, as well as the increase in COVID-19 infections in China, did not help improve the outlook.

Samsung Electronics, the largest value in the Seoul Stock Exchange, gained 0.29% today, and the world’s second largest memory chip maker, SK Hynix, lost 0.85% instead.

As a result, battery manufacturer LG Energy contributed a significant 7.03%.

Naver, the company behind the main South Korean search engine, closed down, although cocoa, operator of the most popular instant messaging application in the Asian country, advanced and 1.97%.

In the biopharmaceutical sector, Samsung Biologics and its competitor Celltrion, improved 1.52% and 4.34% due to the purchase of defensive stocks.

The number one domestic carmaker, Hyundai Motor, dropped 2.66%.

c) EFE Agency

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