Seoul shares tumbled on Thursday as a spike in Italian bond yields signalled the European debt crisis had worsened, sending banks and crude oil refiners down sharply and sending foreign investors stampeding for the exits. Foreign investors offloaded a net 504.6 billion won ($451.6 million) worth of shares, the highest amount in seven weeks.
The Korea Composite Stock Price Index ended down 4.94 percent at 1,813.25 points, its lowest close in three weeks and the biggest daily percentage fall in seven weeks. The KOSPI 200 index ended down 5.3 percent at 236.02, while the junior Kosdaq market fell 4.05 percent to 488.77.
Hynix shares were hit in recent sessions by worries SK Telecom may pull out of the bid after parent SK Group said it was "cautious" on the wireless carrier's bid for the memory chip maker amid an ongoing investigation into the group. SK Telecom finished down 5.2 percent before confirming it would bid for Hynix after the market close. Financial and refining issues, seen as more sensitive to global economic cycles, led falls. Hana Financial Group and Shinhan Financial Group both lost 7.5 percent.
Comments
Comments are closed.