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Seoul stocks dip to 20-month low on recession fears; Korean won at 13-year low Updated: 2022-07-07 05:07:54 KST

Amid mounting fears of a global economic recession, South Korea's KOSPI dipped to the lowest in 20 months.
The local currency slid down against the greenback in levels not seen in over a decade.
Inflationary pressure is raising the possibility of a "big step" by the central bank as well.
Lee Kyung-eun reports.

South Korean stocks dipped to their lowest in 20 months on Wednesday over fears of a global economic recession.
The KOSPI index fell by 2.13 percent coming below the 2,3-hundred mark for the first time since last October.
Foreigners and institutions led the fall -- unloading more than 720 million U.S. dollars.
Fueling the foreign selling was the dipping value of the Korean won.
The local currency sank to its weakest level against the U.S. dollar in 13 years -- as low as 1,3-hundred-11 per dollar at one point.
This comes amid downbeat data from Europe -- with the euro hitting its weakest point against the U.S. dollar in nearly two decades.
There was also tumbling oil prices -- led by fears of a global recession.
As a result, the country's top refiner SK Innovation slumped more than 5 percent.
Amid the weakening won and rising inflation, an economist at S&P Global Ratings projected a "big step" by South Korea's central bank.
Raising its key interest rate by point-five percentage points in the upcoming policy meeting next week and a combined point-75 percentage point to as high as 2.5 percent.
The economist attributed consumer prices jumping 6 percent on-year in June as a factor -- the fastest rise in nearly 24 years.
However, the global ratings agency said that Korea's economic growth rate will not be a concern projecting Asia's fourth-largest economy to expand by 2.6 percent this year.
Lee Kyung-eun, Arirang News.
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