ID :
199219
Fri, 08/05/2011 - 04:11
Auther :
Shortlink :
https://oananews.org//node/199219
The shortlink copeid
Seoul shares plunge on economic woes
SEOUL (Yonhap) - South Korean stocks started sharply lower on Friday as investor sentiment took a beating from overnight U.S. losses, sinking below the psychologically important 2,000 level.
The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 81.08 points, or 4.02 percent, to 1,937.39 in the first 15 minutes of trading.
Institutions snapped up shares, but foreigners and retail investors went on a hefty selling spree.
U.S. stocks nosedived on Thursday as fears over the global economy triggered massive sell-offs. The Dow Jones industrial average sank 4.31 percent, its worst drop since October 2008, and the tech-focused Nasdaq composite tumbled 5.08 percent.
The stock market tumble sent the local currency sharply lower, with the Korean unit trading at 1,073.6 won to the U.S. dollar as of 9:15 a.m., down 11.9 won from Thursday's close.
The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 81.08 points, or 4.02 percent, to 1,937.39 in the first 15 minutes of trading.
Institutions snapped up shares, but foreigners and retail investors went on a hefty selling spree.
U.S. stocks nosedived on Thursday as fears over the global economy triggered massive sell-offs. The Dow Jones industrial average sank 4.31 percent, its worst drop since October 2008, and the tech-focused Nasdaq composite tumbled 5.08 percent.
The stock market tumble sent the local currency sharply lower, with the Korean unit trading at 1,073.6 won to the U.S. dollar as of 9:15 a.m., down 11.9 won from Thursday's close.
