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South Korean shares dropped to a fresh 11-month closing low on Tuesday as investors were unnerved by sharp falls in Chinese stock markets amid deepening worries about tight liquidity and slowing growth in Asia's largest economy. The Korea Composite Stock Price Index (KOSPI) shed 1.02 percent to 1,780.63 points, marking its lowest close since July 25, 2012 and falling for a fifth straight session.
"Everyone is sitting still. No one wants to make bets when they see Chinese markets gone all messy like that with talk of a credit crunch," said Lawrence Kim, a market analyst at Woori Investment and Securities. Foreigners were net sellers for a 13th consecutive session, offloading a modest 131.6 billion won ($113 million) of shares. Technology heavyweights declined. Samsung Electronics, the largest component on the main KOSPI, fell 1.2 percent to 1.297 million won, its lowest close in nearly eight months. LG Display Co Ltd lost 1.9 percent.
Brokerages fell as weakness in the stock market chilled sentiment towards the sector. Mirae Asset Securities Co Ltd slid 5.9 percent and Hyundai Securities Co Ltd lost 1.6 percent. But automakers bucked the trend, with Hyundai Motor climbing 1.7 percent and Kia Motors gaining 3 percent. Decliners outnumbered gainers 758 to 111. The KOSPI 200 benchmark of core stocks fell 0.74 percent, while the junior KOSDAQ lost 5.4 percent.

Copyright Reuters, 2013

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