South Korean stocks tumbled again Thursday as foreigners and institutions dumped blue chips after the U.S. bailout of American International Group failed to contain a confidence crisis.
The benchmark Korea Composite Stock Price Index (KOSPI) plunged 46.99 points, or 3.3 percent, to 1,378.28 in the first 15 minutes of trading. The index rebounded a little to 1,391.49 as of 10 a.m.
Most large caps sank into the red, with financials losing heavily. Top lender Kookmin Bank plunged more than 7 percent and brokerage giant Mirae Asset & Securities was down 4.52 percent.
Tech, auto and other export-driven stocks were also rattled. Market heavyweight Samsung Electronics fell more than 3 percent and leading automaker Hyundai Motor and its affiliate Kia Motors also fell more than 3 percent.
U.S. stocks dropped to a three-year low Wednesday as the U.S. bailout of AIG failed to calm market jitters. The Dow Jones industrial average plunged 4.06 percent and the tech-dominated Nasdaq composite index nose-dived 4.94 percent.
The tech-savvy Kosdaq market also opened sharply lower due to the overnight Wall Street fall. The index was quoted at 436.03, down 2 percent, as of 10 a.m.
The Korean currency was trading at 1,147 won to the U.S. dollar as of 9:15 a.m., down 17.1 won from Wednesday's close.