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South Korean assets turn Asia's biggest losers on global recession angst

The Kospi index tumbled 3% to its lowest close in more than 2 years, leading declines in Asia. The won, by far the region's worst performer this quarter, slid to the weakest level since March 2009

Markets, (Photo: Bloomberg)
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Markets, (Photo: Bloomberg)

Youkyung Lee and Jaehyun Eom | Bloomberg
Fears of a global recession are hitting South Korean assets hard from stocks to its currency as investors flee the export-reliant nation.
 
The Kospi index tumbled 3% on Monday to its lowest close in more than two years, leading declines in Asia. The won, by far the region’s worst performer this quarter, slid to the weakest level since March 2009 versus the dollar. Government bond yields surged across the curve. 

Korea’s export reliance and strong trade ties with China have backfired as sources of weakness in recent months, in sharp contrast to the earlier days of the pandemic when they

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First Published: Sep 26 2022 | 2:29 PM IST

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