Seoul shares crash 9.71 pct in late-morning trade

SEOUL, Aug. 9 (Yonhap) -- South Korean stocks nosedived 9.71 percent late Tuesday morning as mounting fears over a global recession spurred a selling spree, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) tumbled a record 181.5 points to 1,687.95 as of 11:20 a.m., sinking below the 1,700 level.
The Korea Exchange, the bourse operator, halted program trading of shares on the main index for five minutes after the KOSPI 200 futures tumbled more than 5 percent for more than a minute. Trading on the secondary KOSDAQ was also suspended after the index plunged for two sessions in a row.
Foreigners led the decline, selling for a sixth consecutive session, while institutions and retail investors snapped up shares.
Fears over a global recession sparked by a U.S. credit rating downgrade and debt problems in Europe and the U.S. took a heavy toll on South Korean exporters of electronics, autos, ships and machinery.
The local currency also took a hit, with the Korean unit trading at 1,095.65 won to the greenback as of 11:20 a.m., down 12.65 won from Thursday's close.