South Korea's Kospi Declines 3% on Inflation Fears, Fed Chief's Hawkish Tone After Steady Rate Decision

MT Newswires Live16:00

South Korean stocks fell nearly 3% Thursday amid inflation worries sparked by Middle East energy facility attacks and hawkish remarks from U.S. Fed chief Jerome Powell after the U.S. central bank maintained a target range of 3.5% to 3.75% for its benchmark interest rate.

The benchmark Korea Composite Stock Price Index or Kospi fell by 161.81 points, or 2.7%, to finish at 5,763.22. The Kosdaq also decreased by 20.9 points, or 1.8%, to end at 1,143.48.

In economic news, South Korean banks' preliminary net income jumped 8.2% to 24.1 trillion won in 2025 from 22.2 trillion won in 2024, owing to the higher net incomes of commercial banks, national banks, specialized banks, and internet-only banks, the Financial Supervisory Service said in a Thursday release.

On the other hand, the net income of regional banks fell marginally in the year from the previous comparable period.

In corporate news, SK Telecom (KRX:017670) and Swedish networking and telecommunications firm Ericsson (NASDAQ:ERIC) signed a memorandum of understanding to develop mobile network technologies spanning 5G to future 6G, the South Korean telecommunications firm said in a Thursday release

Shares of SK Telecom fell nearly 4% at market close.

In other news, Sunic System (KOSDAQ:171090) plans to expand Building B at the Pyeongtaek Brain City plant to boost production capacity, according to a Thursday filing with the Korea Exchange. The investment is valued at 15.2 billion won and is valid till Oct. 15.

Shares of the company declined nearly 3% at market close.

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