S. Korean shares plummet as Swiss scraps euro peg

Reuters Updated - January 24, 2018 at 02:42 PM.

South Korean shares were nursing hefty losses at the end of Friday’s session as a whirlwind of volatility swept across the global financial markets after Switzerland unexpectedly dropped its exchange rate ceiling against the euro on Thursday.

The Korea Composite Stock Price Index (KOSPI) slumped 1.36 per cent to close at 1,888.13.

The South Korean won firmed against the dollar, tracking sharp gains in the yen as risk-averse investors took shelter in the safe-haven Japanese currency.

The won was quoted at 1,077.3 to the dollar at the conclusion of onshore trade, compared with 1,083.3 seen at the end of Thursday’s session.

South Korean Treasury bonds rallied on the broad flight to safety as benchmark three-year notes for March delivery added 9 basis points to trade at 108.56.

Published on January 16, 2015 06:37