Seoul shares closed 4.13 percent down on Friday but more than halved an earlier 9 percent fall, after heads of South Korean brokerages met to propose a market stabilisation fund, and as the won currency rebounded. The Korea Composite Stock Price Index closed down 53.42 points to 1,241.47 points, its lowest close since July 2006, but steadying after hitting a near-3-year intraday low of 1,178.51 points.
However the KOSPI still posted a 12.6 percent losses on the week, the biggest weekly loss since September, 2001 when markets tumbled after attacks on the United States. Institutions were net buyers of 91 billion won and foreign investors sold a net 403 billion won. POSCO, the world's No 4 steelmaker, was down 3.24 percent, and Hyundai Steel was down 2.52 percent.
Retail investors bought a net 291 billion won. Decliners outnumbered advancers by 755 to 104, with 32 titles ending flat. Trade volume stood at 449 million shares worth 6.2 trillion won, compared with 445 million shares worth 5.5 trillion won on Thursday. The KOSPI 200 December futures index fell 7.50 points to 162.55 and the KOSPI 200 spot index fell 6.81 points to 162.05. The junior Kosdaq lost 5.29 percent to 350.28 points.
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