Won plummets as Trump declares victory

The South Korean won fell sharply against the dollar while EV stocks plunged following Donald Trump's projected victory in the U.S. presidential election.

U.S. Vice President Kamala Harris in Milwaukee, Wisconsin, U.S. August 20,and former U.S. President Donald Trump in Bedminster, New Jersey, U.S., August 15 [REUTERS/YONHAP]

The won plunged against the dollar, nearing the 1,400 threshold, while EV stocks tanked on the Korean stock market Wednesday afternoon after news agencies including Fox News projected that Donald Trump would win the U.S. presidential election, defeating Vice President and Democratic presidential candidate Kamala Harris.

The local currency was trading at around 1,395.7 won against the greenback as of 4:04 p.m., having opened at 1,370.40 won.

Battery maker LG Energy Solution was trading at 390,500 won as of 4:10 p.m., down 7.02 percent, having plunged more than 7 percent from its previous closing price in early trading.

Samsung SDI had fallen 5.98 percent to 298,500 won as of 4:08 p.m., having dipped below the 300,000 won mark earlier in the day.

SK Innovation, a parent company of battery maker SK On, dropped 4.64 percent to 113,100 won.

Trump has been a vocal critic of the current Biden administration's EV-related subsidies.

Bitcoin, among digital assets for which the former president has voiced support on the campaign trail, surged to a record high, exceeding the $74,000 mark for the first time ever that day.

The Associated Press declared Trump the winner of North Carolina's presidential race at 1:18 p.m. on Wednesday, leaving the former president many open paths to the 270 electoral vote threshold necessary to clinch the White House. The agency called Georgia's race for the Republican candidate just before 3 p.m. that afternoon, further shrinking Harris's potential routes to victory.

Outlets including Fox News and Decision Desk HQ projected that Trump would win Pennsylvania, and the U.S. presidency, late Wednesday afternoon.

BY SHIN HA-NEE, PARK EUN-JEE [shin.hanee@joongang.co.kr]