Shares tumble more than 9 per cent in Seoul

Business Materials 16 October 2008 12:49 (UTC +04:00)

Shares nosedived Thursday on the Seoul stock exchange, sending the benchmark Kospi Index down more than 9 per cent in the biggest percentage loss in seven years, as worries over a global economic recession deepened.

The Kospi tumbled 126.50 points, or 9.4 per cent, to close at 1,213.78. The local currency fell sharply against the dollar, reported dpa.

Declining issues outnumbered advancers 813 to 61.

The main index of the technology-heavy Kosdaq market declined 35.85 points to 354.43.

On currency markets, the US dollar was quoted at 1,373.0 Korean won, down 133.50 won from Wednesday's close of 1,239.50 won.