South Korean shares decline for fifth month in a row, longest losing streak since 2021

South Korean shares fell nearly 2% on Friday, marking their fifth consecutive monthly loss, the longest streak since November 2021. The KOSPI index closed at 2,455.91, down 3.9% for November. The Bank of Korea's unexpected interest rate cut raised concerns about economic slowdown. The central bank also lowered its growth forecasts for 2024 and 2025, indicating a weakening economy. Foreign investors sold 748.3 billion won in shares. The Korean won remained stable against the U.S. dollar, while bond yields decreased, reflecting investor caution amid slowing export growth and flat factory output.