The Kospi, the main indicator of the Seoul Stock Exchange, fell 1.83% on Friday after the upward revision of US GDP increased expectations of strong rate hikes at the start of next year in the world’s largest economy.
The South Korean benchmark fell 43.04 points to 2,313.69 integers, while the technology index Kosdaq It fell 23.77 points, or 3.32%, to 691.25.
The revision of the US GDP showed on Thursday that its economy grew by 3.2% in the third quarter, three tenths more than initially estimated, increasing fears that the forceful monetary tightening by the Fed will continue at the start of the year and clearly pushing back Wall Street.
Kospi absorbed that inertia today, with foreign and retail sellers again as big sellers and big tech companies leading the losses.
The largest capitalization stock in Seoul, tech giant Samsung Electronics (KS:005930), was down 1.69% today, and the world’s second-largest memory chip maker, SK Hynix (KS:000660), fell by 1.77%.
The company behind the most widely used South Korean search engine, Naver (KS:035420), lost 3.52%, and the owner of the most popular instant messaging application in the Asian country, Kakao, lowered its price by 3.09%.
Biopharmaceutical company Samsung Biologics worsened 2.18% and Hyundai Motor (KS:005380), the number one domestic vehicle manufacturer, depreciated by 0.95%.