KOSPI, KOSDAQ index fall nearly 2% in wake of pace control of U.S. rate cuts

Both the KOSPI and KOSDAQ closed down nearly 2% today due to the U.S. Federal Reserve's suggestion of adjusting the pace of interest rate cuts.

In the stock market, the KOSPI closed at 2,435.93, down 1.95% from the previous trading day.

Individual investors net purchased more than 800 billion won, but foreign and institutional investors net sold more than 430 billion won and 500 billion won, respectively, leading the index to fall.

The KOSDAQ also closed at 684.36, down 1.89% from the previous trading day, due to simultaneous selling by foreigners and institutions.

The won-dollar exchange rate rose more than 16 won to 1,451.9 won as of 3:30 p.m. in Seoul's foreign exchange market.It is the first time in 15 years and 9 months that the

won-dollar exchange rate has exceeded 1,450 won since March 2009 during the global financial crisis.