Seoul falls for the third consecutive day and leaves 1.08%

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The main indicator of the Seoul Stock Exchange, theKospi, fell 1.08% on Tuesday, marking the third consecutive decline in the selective in another session marked by renewed fears that the Fed will raise rates above 0.5% again this month.

The South Korean benchmark left 26.16 points to stand at 2,393.16 integers, while the technology indexKosdaqIt fell 13.88 points, or 1.89%, to 719.44.

The publication on Monday of the November services PMI in the US showed better than expected data, which has raised fears that the Federal Reserve could again opt for a 0.75% rise in the benchmark during its meeting that starts next week with the aim of quelling the overheating of the economy and high inflation.

The South Korean parquet, where foreign and institutional investors were again the main sellers today, is now pending the producer price index that is published this Friday and that may be key to the aforementioned meeting of the Federal Open Market Committee (FOMC) that begins on December 13.

Given this panorama, the tab with more weight in the Kospi, the technological giant Samsung Electronics (KS:005930), lost 1.82% today, while the second largest global memory chip maker, SK Hynix (KS:000660), closed flat.

The owner of the number one search engine in South Korea, Naver (KS:035420), fell 3.13%, and the operator of the most popular instant messaging application nationwide, Kakao, dropped 3.45%.

On the other hand, the biopharmaceutical Samsung Biologics, closed 0.6% higher, although the main automaker of the Asian country, Hyundai Motor (KS:005380), fell by 0.6%.

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