Stock market slump continues; KOSPI hits year's new low

The Korean composite stock price index, or KOSPI, tumbled Tuesday to hit a yearly low again. The over-the-counter Kosdaq market also fell for the fourth consecutive day, with the key index hitting the 80-level. However, there are no signs that the stock market will be stabilized.

The KOSPI dipped 20 points as soon as the Seoul bourse opened in the morning. It fell 20 points to the level of 550, but immediately after, buying forces gained momentum to push shares price upward, fluctuating until closing at 571.17 points, 6.39 down from the previous day. The composite stock price index recorded its lowest value since March 10, last year, registering 569.17 points.

Meanwhile, the over-the-counter Kosdaq market tumbled 4.43 points to close at 84.22 or 5.00 percent, due to a selling spree from the start of the morning session, hitting a yearly low. The number of the losers reached 474 issues, fueling a sense of instability among the investors.

Lee Kang-Woon kwoon90@donga.com