Home Markets (LEAD) Main stock market’s turnover plunges amid U.S. monetary tightening

(LEAD) Main stock market’s turnover plunges amid U.S. monetary tightening

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(ATTN: UPDATES with more details in last 5 paras)

SEOUL, May 8 (Yonhap) — Turnover of South Korea’s main stock market plunged to similar levels seen during the onset of the COVID-19 pandemic as investors fret over the U.S. monetary tightening, data showed Sunday.

The average daily turnover of the KOSPI market stood at 10.7 trillion won (US$8.4 billion) in the April 6-May 6 period, down 33.6 percent from a year earlier, according to the data from the Korea Exchange.

The tally was similar to the 10.66 trillion-won turnover two years earlier when the local stock market was battered by the fallout of the COVID-19 pandemic.

In January 2021, the average daily transactions of the KOSPI market shot up to 26.4 trillion won. This year, the turnover stayed at around 10-11 trillion won after rebounding from a yearly low of 9.9 trillion won in December last year.

The sluggish stock transactions came as investor sentiment was weakened by expectations for the U.S….

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