South Korean share prices sank Monday on a selling spree prompted by last week's U.S. stock losses, analysts said. The local currency fell against the greenback.
The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 38.8 points, or 2.33 percent, to 1,625.17. Volume was moderate at 312 million shares worth 4.33 trillion won (US$4.5 billion), with losers outpacing gainers 666 to 159.
"The Seoul bourse took a hit as foreign investors rushed to sell shares following Friday's steep falls in U.S. shares," said Lee Kyung-soo, an analyst at Daewoo Securities.
On Friday, Wall Street fell to its lowest level in 19 months on an unexpectedly weak employment report for February. The Dow Jones industrial average slipped 1.22 percent and the tech-heavy Nasdaq composite index inched down 0.84 percent.
Blue chips lost ground across the board, with machinery and shipbuilding shares leading the losses. Leading power generator maker Doosan Heavy Industries plummeted 6.15 percent to 122,000 won and the world's No. 1 shipyard Hyundai Heavy Industries tumbled 7.46 percent to 353,000 won.
Steel and construction shares also finished in the minus column. Top steelmaker POSCO slid 1.18 percent to finish at 503,000 won and leading lender Kookmin Bank fell 1.81 percent to 54,300 won.
Telecom stocks, however, prevented the market from falling further. Top mobile carrier SK Telecom gained 0.84 percent to 180.000 won. Market heavyweight Samsung Electronics added 0.73 percent to end at 554,000 won.
The local currency finished at 965.3 won to the U.S. dollar, down 7.8 won from Friday's close, as offshore investors snapped up the greenback, dealers said. (Yonhap)