ID :
199235
Fri, 08/05/2011 - 06:35
Auther :
Shortlink :
https://oananews.org//node/199235
The shortlink copeid
Recession fears shake S. Korean markets
SEOUL (Yonhap) - Mounting fears over another global recession rattled South Korean financial markets on Friday morning, prompting panicked investors to dump shares and sending the local currency sharply lower against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) plunged 2.88 percent, or 58.07 points, to 1,960.4 as of 11:20 a.m. At one point, the key index nosedived as much as 4.85 percent.
The KOSPI fell below the psychologically significant 2,000 level for the first time since March 18, after the U.S. stock markets suffered the worst one-day drop since December 2008.
Steep overnight declines on Wall Street sparked panicked sell-offs among foreign and retail investors across the board.
Losses were deep among exporters of electronics, auto, ships and machinery as investors feared the U.S. recession and the euro-zone public debts would dampen global demand.
The local currency also took a hit, with the Korean unit trading at 1,067.7 won to the greenback as of 11:20 a.m., down 6 won from Thursday's close.
The benchmark Korea Composite Stock Price Index (KOSPI) plunged 2.88 percent, or 58.07 points, to 1,960.4 as of 11:20 a.m. At one point, the key index nosedived as much as 4.85 percent.
The KOSPI fell below the psychologically significant 2,000 level for the first time since March 18, after the U.S. stock markets suffered the worst one-day drop since December 2008.
Steep overnight declines on Wall Street sparked panicked sell-offs among foreign and retail investors across the board.
Losses were deep among exporters of electronics, auto, ships and machinery as investors feared the U.S. recession and the euro-zone public debts would dampen global demand.
The local currency also took a hit, with the Korean unit trading at 1,067.7 won to the greenback as of 11:20 a.m., down 6 won from Thursday's close.
