Korean stocks closed lower Thursday, paring earlier mild gains, as investors brace for more rounds of rate hikes by the U.S. Federal Reserve after the strong U.S. inflation data. The local currency fell slightly against the U.S. dollar.
Korea s largest conglomerates have strengthened their partnerships with the government ahead of the Chuseok holiday this weekend, in order to go all out for Busan s bid to host the World Expo 2030, according to the Korea Chamber of Commerce and Industry (KCCI), Thursday. The KCCI, serving as the headquarters of the civilian committee to support Busan s bid for the World Expo, said that major business groups agreed to intensify their campaigning until a presentation session this November at the Bureau International des Expositions (BIE) in Paris.