|On the morning of the 20th, the KOSPI index fell on the billboard of Hana Bank’s dealing room in Myeong-dong, Jung-gu, Seoul, and the won-dollar exchange rate was showing an upward trend below the 2,400 line. 2022.6.20/News 1 © News1 Reporter Park Se-yeon|
While the Korean stock market plunged more than 2% and recorded the biggest decline in Asian stocks, the Chinese stock market succeeded in turning upward.
As of 3 pm on the 20th, Korea’s KOSPI plunged 2.49%, recording the largest drop in the Asian stock market. Japan’s Nikkei fell 0.97% and Australia’s ASX index fell only 0.59%.
On the other hand, the stock market in Greater China is all rising, albeit slightly. The Shanghai Composite Index rose 0.09% and Hong Kong’s Hang Seng Index rose 0.05%, respectively.
The reason why the stock market in Greater China, which fell on the morning of the day, turned upward, is interpreted as the news that the real estate market is showing signs of recovery thanks to government support measures.
Earlier in the morning, China’s central bank, the People’s Bank of China, lowered interest rates slightly. The market had expected the People’s Bank of China to cut interest rates to stimulate the economy.