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Korea's stock market fall below 590
10/10/2002



Share markets around the world are plunging, the US market is sagging, and Korea is feeling the effects. The Korea Stock Exchange index dipped to under 590 points, and the Kosdaq fell to yet another all-time low at 43.74 points on Thursday. According to major foreign exchange markets in Seoul, the value of the won fell W11.2 against the US dollar, bringing it down to 1,257.8 won.

The Monetary Policy Committee of the central bank made a decision today to maintain its current target money rate of 4.25 percent for inter-bank call loans, which would likely calm the real estate market. Governor Park Seung of the Bank of Korea said regarding its decision, "The central bank decided to maintain the current interest rate, judging that a hike in the money rate could easily backfire and trigger market disturbances."

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