[Featured Stocks] Hyundai Motor and Kia Fall 4-5% Amid US Interest Rate Hike Concerns

[Image source=Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Hyundai Motor and Kia are experiencing a sharp decline of 4-5% in the early trading session on the 11th. This is interpreted as a result of concerns over a US interest rate hike.

As of 9:48 AM that day, Kia was trading at 67,200 KRW, down 5.35% from the previous trading day. Kia hit a 52-week low, dropping to 66,000 KRW in the early session.

At the same time, Hyundai Motor was trading at 168,000 KRW, down 4.27% from the previous trading day. Hyundai Motor fell to 166,000 KRW in the early session, marking its lowest price since March 15, when it was 162,000 KRW.

The decline in Hyundai Motor and Kia is seen as a result of the increased likelihood that the US Federal Reserve (Fed) will raise interest rates by 75 basis points (1bp=0.01%p) in November.

There are concerns that if the Fed's tightening leads to a domestic market recession, it could negatively impact the performance of Hyundai Motor and Kia.

This content was produced with the assistance of AI translation services.