ID :
202243
Fri, 08/19/2011 - 06:27
Auther :
Shortlink :
https://oananews.org//node/202243
The shortlink copeid
Seoul shares plunge 4.1 pct in late-morning trade
SEOUL, Aug. 19 (Yonhap) -- South Korean stocks plunged 4.1 percent late Friday morning as investors were spooked by renewed worries over another global economic recession, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 76.27 points to 1,784.31 as of 11:20 a.m.
Earlier, the bourse operator halted trading on the secondary KOSDAQ and its futures after the index plunged. The suspension was also imposed on Aug. 9 when the stock market was battered by a downgrade of the U.S. credit rating.
Foreigners led the decline, selling for a third consecutive session, and institutions joined the selling spree, while retail investors snapped up shares.
Fears over another global recession sparked by gloomy U.S. economic data and lingering European debt woes took a heavy toll on South Korean exporters, especially tech firms. Samsung Electronics, world's biggest memory chip manufacturer, lost 3.95 percent.
The local currency also took a hit, with the Korean unit trading at 1,080.45 won to the greenback as of 11:20 a.m., down 6.45 won from Thursday's close.
The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 76.27 points to 1,784.31 as of 11:20 a.m.
Earlier, the bourse operator halted trading on the secondary KOSDAQ and its futures after the index plunged. The suspension was also imposed on Aug. 9 when the stock market was battered by a downgrade of the U.S. credit rating.
Foreigners led the decline, selling for a third consecutive session, and institutions joined the selling spree, while retail investors snapped up shares.
Fears over another global recession sparked by gloomy U.S. economic data and lingering European debt woes took a heavy toll on South Korean exporters, especially tech firms. Samsung Electronics, world's biggest memory chip manufacturer, lost 3.95 percent.
The local currency also took a hit, with the Korean unit trading at 1,080.45 won to the greenback as of 11:20 a.m., down 6.45 won from Thursday's close.
