South Korean stocks fell by 0.91% on Wednesday as US banking uncertainties re-ignited recession concerns ahead of the Federal Reserve’s policy meeting. The Korea Composite Stock Price Index finished at 2,501.40, with 524 decliners compared to 341 gainers. Market watchers are anticipating that the Fed will signal the end of its rate hike cycle after raising the rate by 0.25 percentage points at the end of its meeting. Despite LG Energy Solution and chemical-making parent LG Chem seeing 4.06% and 2.68% respective drops, entertainment agency Hybe experienced a surge of 3.51% after announcing its record high quarterly earnings. Meanwhile, SK IE Technology, a battery separator manufacturer, rose by 6.1% after predictions that it will benefit significantly from the US Inflation Reduction Act to help green energy production in the country. The local currency ended at 1,338.20 won against the US dollar, with an increase of 3.9 won from Tuesday’s close.
>>Join our Facebook Group be part of community. <<