South Korean shares slump 7% on renewed selling in chipmakers, c.bank hikes rates
South Korean shares experienced a significant decline on Thursday, driven by chipmaker stock sell-offs. The Bank of Korea raised its benchmark interest rate for the first time in over three years. This move aimed to stabilize the nation's weakening currency against the US dollar. Major chipmakers li
South Korean shares experienced a significant decline on Thursday, driven by chipmaker stock sell-offs. The Bank of Korea raised its benchmark interest rate for the first time in over three years. This move aimed to stabilize the nation's weakening currency against the US dollar. Major chipmakers like SK Hynix and Samsung Electronics saw substantial drops in their stock values. Despite recent volatility, the KOSPI index has shown strong performance year-to-date.
Read the complete story at ET Markets