The benchmark Korea Composite Stock Price Index(KOSPI) continued to remain below the two-thousand-500 threshold in the early hours on Tuesday after shedding more than three percent on Monday.
As of 9:50 a.m. on Tuesday, the KOSPI stood at two-thousand-499-point-05, down five-point-46 points from Monday.
The last time the index slipped below the two-thousand-500 threshold during intraday trading was on November 13, 2020.
The index opened at two-thousand-472-point-96, or down 31-point-55 points from Monday. At one point, the index plunged to two-thousand-457-point-39.
Earlier on Monday, the nation’s main stock market tumbled to its lowest point this year so far amid concerns that high U.S. inflation would trigger more monetary tightening in the U.S. and elsewhere and boost the risk of a global recession.
According to the Wall Street Journal, the U.S. Federal Reserve is considering announcing a 75 basis point interest rate hike during its Federal Open Market Committee meeting, slated to be held on Tuesday and Wednesday.
Source: KBS World Radio