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South Korean stocks ended the year 2022 down 24.9 percent to mark its first annual loss in four years due to global monetary tightening and economic recession woes.
The benchmark Korea Composite Stock Price Index (KOSPI) closed Thursday at 2,236.40 points, representing a 24.9 percent plunge for 2022.
The KOSPI got off to 2,988.77 points on its first session on Jan. 3, and had been on a downward spiral, hitting a low of 2,155.49 on Sept. 30.
The KOSPI posted a 7.7 percent jump in 2019, a 30.8 percent increase in 2020, and a 3.6 percent surge in 2021.
Along with the decline in trading volume, there has been a decline in market optimism.
The aggressive tightening of monetary policies by major central banks, particularly the US Federal Reserve, is blamed by the Korea Exchange (KRX) for the KOSPI's underwhelming performance.
The policies were aimed at fighting inflation caused by high energy prices and a post-pandemic rebound in demand.
KOSPI’s performance in 2022 ranked 25th out of the benchmark stock indexes in 27 economies, including G-20 and other Asian countries.
