South Korean Shares Plummet Amid Hawkish Fed Comments

South Korean shares declined sharply on Monday due to hawkish comments from Federal Reserve Chair Kevin Warsh. His remarks strengthened expectations that US interest rates could rise as early as next month.

The benchmark KOSPI fell by 167.29 points, or 2.46%, to 6,621.59 by 0104 GMT. Foreign investors sold shares worth $252 million, adding pressure on the market.

Large-cap technology stocks led the decline, with Samsung Electronics falling 2.72% and SK Hynix dropping 3.27%. LG Energy Solution declined 0.54%, while Hyundai Motor slipped 0.50% and Kia gained 0.31%.