On Thursday, the KOSPI benchmark index dipped by 0.30% to approximately 3,177, marking its second consecutive session of declines. This downturn was primarily driven by drops in chipmaker stocks and financial firms. Investor sentiment remained fragile following the release of weaker-than-expected U.S. inflation data, which dampened domestic market confidence. The subdued inflation figures prompted investors to reevaluate prospects for U.S. monetary policy, incentivizing a shift away from equities in favor of safer assets.
Amidst the economic downturn, diplomatic initiatives continue to push for enhanced international economic relationships, notably with Ambassador Bakuramutsa Nkubito Manzi highlighting substantial opportunities for expanded cooperation between South Korea and Rwanda in areas such as artificial intelligence, cybersecurity, digital trade, and green mobility. Given that Africa contributes a mere 1.5% to South Korea’s GDP, increasing trade volumes could substantially bolster economic growth.
In the corporate sphere, notable declines were recorded in SK Hynix, down 6.42%, Shinhan Financial Group, off by 1.15%, and KB Financial Group, which saw a decline of 0.53%.
