2024-11-29 06:53:04The benchmark KOSPI dropped 2% to close at 2,456 points on Friday, reversing losses from the previous session and notching its biggest monthly loss since January. The index shed 3.9% over the month, extending its loss for a fifth straight month and fell 1.8% for the week. The decline was driven by sharp losses across nearly all sectors amid concerns over the potential global trade impact of the incoming Trump administration. Domestically, the Bank of Korea surprised markets with a rate cut on Thursday and lowered growth forecasts, raising concerns about a worsening economic slowdown. Meanwhile, South Korea's industrial production remained flat on a monthly basis in October, missing growth expectations, while retail sales fell 0.4%, slightly improving from September's revised 0.5% decline. Among index heavyweights, chip and battery stocks led the losses, including Samsung Electronics (-2.5%), SK Hynix (-0.7%), LG Energy Solutions (-5.2%), and Samsung SDI (-6.1%).