S.Korean stocks fall as BOK raises rates; chipmakers drag
** South Korean shares fell on Thursday, dragged down by heavyweight chipmakers, as the Bank of Korea (BOK) delivered another hawkish move to fight surging inflation. ** The BOK on Thursday delivered back-to-back interest rate hikes and forecast further aggressive increases to wrestle consumer inflation down from 13-year highs.
** The rate hike was in line with expectations, but the central bank governor took a much more hawkish stance during a press conference, putting stocks under pressure, said Shinhan Financial Investment's analyst Choi Yoo-june. ** "Our policy focus will be on price stability for some time, and it would be appropriate to say that (time frame) would be for a few months, for now," Governor Rhee Chang-yong said after the six-member board's unanimous rate decision.
** In money and debt markets, June futures on three-year treasury bonds fell 0.
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