Pictured here is the dealing room at the KB Bank in Yeouido. (Yonhap)
SEOUL, Aug. 5 (Korea Bizwire) – South Korean stocks tumbled by the most on record to a near nine-month low Monday amid intensifying fears over a U.S. economic slowdown, with big tech coming under heavy selling. The Korean won fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) plummeted a record 234.64 points, or 8.77 percent, to close at 2,441.55, after dipping to as low as 2,273.97 at one point, following a 3.65 percent loss the previous session.
It is the lowest closing price since Nov. 14, when the index finished at 2,433.25.
Trade volume was heavy at 749.3 million shares worth 18.4 trillion won (US$13.4 billion), with decliners sharply outnumbering gainers 919 to 10.
Foreign investors dumped a net 1.5 trillion won worth of stocks to spearhead the record-breaking crash. Institutions also sold a net 273.6 billion won, while individuals purchased a net 1.7 trillion won.
The stock market was halted for 20 minutes during midday trading for the first time in four years, due to the sharp decline.
The bourse operator issued a circuit breaker at 2:14 p.m. to halt trading for 20 minutes as the KOSPI fell more than 8 percent for more than one minute at that time.
It is the first time since March 19, 2020, that the main bourse has experienced a circuit breaker.
The sharp decline came after poorer-than-expected employment data in the United States and the sluggish performance of big tech companies.
(Yonhap)
