Asian markets sink, Seoul shares touch new low

Business | 9 Jul 2019 4:00 pm

Asian stocks fell to their lowest levels in two and a half weeks today as hopes dwindled for a hefty interest rate cut by the U.S. Federal Reserve at the end of the month, while technology companies were pulled lower by Apple Inc’s overnight slump, Reuters reports.

MSCI’s broadest index of Asia-Pacific shares outside Japan dropped by 0.5 percent to its lowest since June 20.

Tokyo stocks ended mixed. The 225-issue Nikkei Stock Average added 30.80 points, or 0.14 percent, to close the day at 21,565.15. The broader Topix index of all First Section issues on the Tokyo Stock Exchange, lost 3.51 points, or 0.22 percent, to finish at 1,574.89.

South Korean stocks fell for the second day in a row.

The benchmark Korea Composite Stock Price Index (KOSPI) slipped by 12.14 points, or 0.59 percent, to close at 2,052.03. Trade volume was moderate at 433 million shares worth 4.36 trillion won (US$3.69 billion), with losers outnumbering gainers 647 to 195.

Today's closing was the lowest since May 31, when the KOSPI closed at 2,041.74.

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