Shares fall sharply in Seoul

Business Materials 17 October 2008 13:44 (UTC +04:00)

Shares dove Friday on the Seoul stock exchange as persistent fears of a worldwide economic recession weighed heavily on the market, but the won soared against the US dollar, reproted dpa.

The benchmark Kospi index fell 33.11 points, or 2.7 per cent, to close at 1,180.67, its lowest level in almost three years.

Declining issues outnumbered advancers 471 to 364 as the Kospi ended its roller-coaster week down 5 per cent.

It had seen daily gains as high as 6.1 per cent and losses as high as 9.4 per cent since Monday.

The main index of the technology-heavy Kosdaq market slipped by 2.25 points Friday to close at 352.18.

On currency markets, the US dollar was quoted at 1,334 won, down from 1,373 won on Thursday.