The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_X_on_2023.svgbt_X_over_2023.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_X_on_2023.svgbt_X_over_2023.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Seoul says FEOC guidance reduces uncertainty, will continue close consultation with US

  • 3

    NewJeans wins 2 grand prizes at Melon Music Awards 2023

  • 5

    Half-conscious Koreans

  • 7

    JYP to host annual audition in January

  • 9

    PPP slams abstainers in Assembly resolution on China's forced return of NK defectors

  • 11

    KOICA’s global supporters conclude remarkable journey with grand finale show

  • 13

    New US rules, aimed at curbing China, could make it harder for EV buyers to claim a full tax credit

  • 15

    NK warns 'physical clash, war' on Korean Peninsula a matter of time, not possibility

  • 17

    ANALYSISHas N. Korean leader's daughter been confirmed as heir apparent?

  • 19

    Gov't posthumously confers state medal on late Ven. Jaseung

  • 2

    First S. Korea spy satellite successfully launched into orbit

  • 4

    INTERVIEWEcolab helps Korean partners profit from ESG management

  • 6

    Major conglomerates speed up generational shifts in leadership

  • 8

    Son-dol: a cold day for a ferryman and a merchant

  • 10

    N. Korea bristles at US over comments about possible disabling of spy satellite

  • 12

    Korean economy to start shrinking by 2050 if low birthrate unaddressed: BOK report

  • 14

    Koreas' spy satellite launches heat up arms race in space

  • 16

    Ronaldo walks off to chants of 'Messi! Messi!' as his team loses 3-0 in Riyadh derby

  • 18

    Seoul Metro begins real-time translation service for foreign tourists at Myeong-dong Station

  • 20

    INTERVIEW'Lifeline for migrant workers in Korea' - Rev. Kim fights for foreign employees' rights

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Mon, December 4, 2023 | 14:41
Markets
Financial authorities fret over growing volatility on Wall Street
Posted : 2021-09-29 17:09
Updated : 2021-09-30 09:09
Lee Min-hyung
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
An electronic board, set up at Hana Bank's dealing room in Seoul, shows plunges of the benchmark of KOSPI and secondary Kosdaq on Wednesday morning. Yonhap
An electronic board, set up at Hana Bank's dealing room in Seoul, shows plunges of the benchmark of KOSPI and secondary Kosdaq on Wednesday morning. Yonhap

Watchdog holds first risk management meeting amid stock falls

By Lee Min-hyung

Stock markets here stumbled Wednesday in the wake of an overnight fall on Wall Street, putting Korea's financial authorities on alert over the repercussions of growing volatility in the U.S. triggered by inflation worries and weak consumer sentiment.

The Financial Supervisory Service (FSS) held its first meeting of a risk management taskforce the same day to monitor any turbulence in the local markets.

FSS said it did not take any specific action other than stepping up monitoring of the market, despite the slight plunge, but added it would continue watching closely amid lingering uncertainty over a series of external financial issues.

"The meeting was the first of its kind, and we will keep developing it in a more systemic manner," a spokesman for the FSS said, declining to comment further, as the taskforce was only recently set up.

The benchmark KOSPI opened with a drop of 1.37 percent and remained weak throughout the day on a selling spree of large-cap tech stocks by foreign and institutional investors. The main bourse closed at 3,060.27 points, down 1.22 percent from the previous trading day, according to the Korea Exchange. The secondary Kosdaq also showed signs of turbulence, closing at 1,001.46, down 1.09 percent.

The downward moves were in response to U.S. stock falls overnight. The Dow Jones Industrial Average closed 1.63 percent down, and the S&P 500 dropped by more than 2 percent on a treasury yield hike there ― the Nasdaq also fell 2.83 percent.

Looming 'China risk' burdening Korean economy
Looming 'China risk' burdening Korean economy
2021-09-29 16:30  |  Economy
Power outages in China to hit supply chains for steel, chips
Power outages in China to hit supply chains for steel, chips
2021-09-29 15:18  |  Companies

FSS Governor Jeong Eun-bo called for the need to maintain vigilance over the uncertainty, saying widening external volatility may result in a possible perfect storm on the local financial market.

"Such factors may end up widening volatility in the foreign exchange, stock, real estate and cryptocurrency markets here, and their influence will create the possible perfect storm, so we need to closely watch the potential risks," he said in a recent meeting of executive officials.

The FSS decided to hold a taskforce meeting every week to closely check for any signs of instability in the local financial market amid the U.S. Fed's signal for tapering and China's Evergrande crisis.

"The taskforce will look closely for any possible signs of instability in the financial market and foreign currency liquidity," Jeong said. "If necessary, we will also team up with other financial authorities ― such as the Financial Services Commission and the Ministry of Economy and Finance ― to respond to the market in a timely manner."

Market analysts argue that uncertainty on the Korean stock market will continue throughout the end of 2021, as the aforementioned external risk factors are expected to weaken investor sentiment here.

They argue the future course of the main bourse will be determined by stocks in some promising growth areas.

"Investors should watch stocks with a high possibility of improving their profits at a time when the KOPSI's overall profit momentum is slowing," SK Securities analyst Lee Jae-yoon said. "The sectors include transportation, steel and IT, and key players in the industries are expected to report better earnings in the latter half of the year."

The foreign exchange market also exhibited instability Wednesday after a recent spike in the won-dollar exchange rate. The won closed at 1,181.8 to the dollar, down 2.6 won from the previous day.

The exchange rate started with a gain of 3.6 won, the highest in about a year, on escalating fears of an earlier beginning of an end to the U.S. Fed's asset purchases, but ended with a slight fall.

The Bank of Korea's (BOK) additional benchmark rate hike this year also burdened the local financial market, according to analysts.

Seo Yeong-gyeong, a member of the central bank's monetary policy committee, reiterated the bank's stance toward raising its benchmark rate "soon." "Even if the BOK raised the rate in August, the monetary policy here is still at the easing level," she said Wednesday in a seminar. "We will decide on the timeline of a further rate hike after taking macroeconomic and financial circumstance here into balanced consideration."




Emailmhlee@koreatimes.co.kr Article ListMore articles by this reporter
 
wooribank
LG group
Top 10 Stories
1[INTERVIEW] Ecolab helps Korean partners profit from ESG management INTERVIEWEcolab helps Korean partners profit from ESG management
2Son-dol: a cold day for a ferryman and a merchantSon-dol: a cold day for a ferryman and a merchant
3Korean economy to start shrinking by 2050 if low birthrate unaddressed: BOK report Korean economy to start shrinking by 2050 if low birthrate unaddressed: BOK report
4[ANALYSIS] Has N. Korean leader's daughter been confirmed as heir apparent? ANALYSISHas N. Korean leader's daughter been confirmed as heir apparent?
5Seoul Metro begins real-time translation service for foreign tourists at Myeong-dong Station Seoul Metro begins real-time translation service for foreign tourists at Myeong-dong Station
6[INTERVIEW] 'Lifeline for migrant workers in Korea' - Rev. Kim fights for foreign employees' rights INTERVIEW'Lifeline for migrant workers in Korea' - Rev. Kim fights for foreign employees' rights
7Space race heats up between two Koreas after Seoul launches spy satellite Space race heats up between two Koreas after Seoul launches spy satellite
8[INTERVIEW] Korea to work with US, Japan to fight climate change INTERVIEWKorea to work with US, Japan to fight climate change
9Uncertainty lingers over Ven. Jaseung's deathUncertainty lingers over Ven. Jaseung's death
10Korean battery firms face higher costs for access to US subsidies Korean battery firms face higher costs for access to US subsidies
Top 5 Entertainment News
1JYP to host annual audition in JanuaryJYP to host annual audition in January
2Taipei Philharmonic Orchestra dazzles audience at Korea International Festival Taipei Philharmonic Orchestra dazzles audience at Korea International Festival
3Popular talk show 'Strong Heart' returns with new format Popular talk show 'Strong Heart' returns with new format
4[INTERVIEW] Hip-hop group Uptown returns after 13 years with new lineup INTERVIEWHip-hop group Uptown returns after 13 years with new lineup
5ONE PACT debuts hoping to leave big impact on K-pop scene ONE PACT debuts hoping to leave big impact on K-pop scene
DARKROOM
  • It's beginning to look a lot like Christmas

    It's beginning to look a lot like Christmas

  • 2023 Thanksgiving parade in NYC

    2023 Thanksgiving parade in NYC

  • Appreciation of autumn colors

    Appreciation of autumn colors

  • Our children deserve better

    Our children deserve better

  • Israel-Gaza conflict erupts into war

    Israel-Gaza conflict erupts into war

  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher: Oh Young-jin
Digital News Email: webmaster@koreatimes.co.kr
Tel: 02-724-2114
Online newspaper registration No: 서울,아52844
Date of registration: 2020.02.05
Masthead: The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group