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The Seoul Stock Exchange loses 0.47% after the rate hike in South Korea

Seoul, Nov 25 (EFE) .- The Seoul Stock Exchange closed today with a 0.47% decline in its main indicator, the Kospi, the third in a row and this time due to the increase in interest rates by the bank Central South Korea.

The Kospi ended the day with a decrease of 14.02 points, to 2,980.27 integers, while the Kosdaq technological index fell 4.47 points or 0.44%, to 1,015.66 integers, in a day in which moved 7.800 million dollars.

The local stock market began the day with a clear trend towards losses, after the Bank of Korea announced the rise in interest rates by a quarter of a point to 1%, an expected decision aimed at fighting inflation and growing household debt.

The measure ends a 20-month period in which the benchmark has been around 0% to boost recovery after the start of the covid pandemic.

Losses predominated in the technology sector, one of the heaviest on the Seoul stock market, with declines such as the benchmark Samsung Electronics (1.47%) and the second largest semiconductor manufacturer in the country, SK hynix ( 1.67%).

On the positive side, internet operator Naver advanced 0.51%, and Kakao, owner of the most used messaging service for smartphones in the country, advanced 2.81%.

The companies of the same group Kakao Bank, of financial services, and Kakao Pay, of electronic payments, registered gains of 4.95% and 18.31% respectively.

(c) EFE Agency

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