Yonhap News Summary

The following is the second summary of major stories moved by Yonhap News Agency on Friday.

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(2nd LD) S. Korea going all-out to stem Brexit fallout

SEOUL -- South Korea on Friday said it will use all means to stabilize the local financial market following the unexpected result of the historic British referendum to leave the European Union.

As the world's fifth-largest economy got ready to leave the 28-member economic bloc, South Korea's financial market suffered a severe setback.

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(3rd LD) Brexit rocks Seoul's financial markets

SEOUL -- South Korean shares fell by more than 3 percent Friday, the biggest daily loss in over four years, with its currency sinking compared to the U.S. dollar by the greatest amount in five years, bracing for repercussions from Britain's exit from the European Union (EU).

Bond prices also surged to record highs on expectations that demand for safer assets would rise down the road amid increased market turbulence.

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(2nd LD) Seoul stocks sink over 3 pct, won dips by most in 5 years on Brexit

SEOUL -- South Korean shares fell by more than 3 percent Friday, the biggest daily loss of the year, with its currency sinking by the most in five years to the U.S. dollar, bracing for repercussions from Britain's exit from the European Union (EU).

The country's benchmark Korea Composite Stock Price Index (KOSPI) shed 61.47 points, or 3.09 percent, to 1,925.24. From a session earlier, the Korean won fell 28.70 won, or 2.6 percent, against the greenback to trade at 1,179.90 won.

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(LEAD) S. Korean biz community concerned over Brexit fallout

SEOUL -- South Korea's business community voiced concerns Friday about uncertainty following Britain's exit from the European Union as they are racing to come up with countermeasures.

Lee Jong-myung, head of the economic policy team at the Korea Chamber of Commerce & Industry, said direct effects of Britain's exit from the 28-member economic bloc could be limited, though it heightened uncertainty in the overall global economy.

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(News Focus) S. Korea to brace for Brexit fallout in short term

SEJONG -- South Korea will likely be roiled by financial turmoil sparked by Brexit in the short term but soon regain stability in the long term, analysts here said Friday.

The global financial market has been rattled for months in the face of the landmark British referendum as investors are worried about its impact on the future of the world's single largest economic bloc.

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(ROUNDUP) Shockwaves ripple across S. Korea after Brexit bombshell

SEOUL -- South Korea's financial market reeled on Friday from the unexpected result from Britain's historic vote to quit the European Union, prompting policy makers and financial authorities to come up with measures to minimize its fallout on the local financial market and economy.

South Korean shares and won plummeted after news that Britain had voted to exit the EU in a tightly contested referendum as offshore investors fled local equities and chased after safe haven assets.

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(LEAD) Latest test reveals N. Korean missile capable of flying 3,500 km: military

SEOUL -- North Korea's latest test of its Musudan mid-range missile indicates that the country is capable of firing a missile with a range of 3,500 kilometers, South Korea's military officials said Friday.

In the latest test fire of the intermediate-range ballistic missile (IRBM) which the North calls the Hwasong-10, one of the two that were launched soared to an altitude exceeding 1,000 km and flew some 400 km before hitting the East Sea.

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Park says N.K. cannot sustain itself without abandoning nukes

SEOUL -- President Park Geun-hye on Friday vowed to make North Korea realize that it cannot sustain its regime without abandoning its nuclear program, saying the international community's will to denuclearize the communist state will never waver.

During an event to mark the 66th anniversary of the outbreak of the Korean War, Park also criticized Pyongyang for "walking on a dangerous path of isolation and confrontation," noting that the tragedy of the Cold War continues on here.
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