South Korean shares track regional losses after Warsh's hawkish remarks

Business Recorder reported that South Korean shares fell on Monday alongside regional markets after US Federal Reserve Chair Kevin Warsh delivered hawkish remarks that strengthened expectations of a rate increase next month. Seoul's benchmark KOSPI slid 2.46%, shedding 167.29 points to reach 6,621.59 by 0104 GMT. Among the heavyweights, Samsung Electronics lost 2.72% while SK Hynix retreated 3.27%.

Warsh said on Friday that the Fed would have a task ahead unless policymakers gained enough assurance that inflation was moving down toward 2%, edging closer to conceding that borrowing costs might need to rise to ease price pressures.

Of 908 issues traded, 133 gained while 746 fell. Foreign investors sold a net 347.2 billion won of stocks on the day. The won firmed 0.16% to 1,377.3 per dollar onshore, while the 10-year bond yield climbed 2.0 basis points to 4.294%.