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The threat of global recession holds a resounding drop of 2.04% in Seoul

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The Kospi, the main indicator of the Seoul Stock Exchange, fell 2.04% on Monday in a session marked again by fears of a global recession due to the increasingly rigorous monetary tightening, which the big central banks are betting on to curb inflation.

South Korea’s benchmark index lost 49.9 points to 2,391.03 points, while the Kosdaq Technology Index fell 28.77 points, or 3.6%, to 769.92 points.

The Kospi started the day in the red and deepened its losses as the hours went by, weighed down especially by the big technology companies.

Foreign investors were the big sellers today, shedding a net of about 662 billion won (about $512 million).

Tech giant Samsung Electronics, the largest-cap token in Seoul, lost 1.84% today, and the world’s second-largest memory chip maker SK Hynix fell 1.97%.

The company behind South Korea’s number one search engine, Naver, fell 1.47%, although Kakao, operator of the country’s most popular instant messaging app, fell a significant 3.6%.

The biopharmaceutical Samsung Biologics reduced its value by 1.2%, while the main South Korean carmaker, Hyundai Motor, was one of the exceptions of the day, rising 0.29%.

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