KOSPI plunges below 590 points

The Korea Composite Stock Price Index fell more than 19 points, sending the index below the 590-point level.

The KOSPI plunged by 19.67 points or 3.23% to 589.18 Monday, hit by a sell-off by foreign investors, as well as programmed sell orders. The market opened in a bearish mood in the wake of a dip in the U.S. stock market. As foreign investors increased their sell-off with programmed sell orders, the index dropped abruptly. In addition, even bullish issues changed their direction after the news that handling of stock prices would be investigated. Trading volume and turnover amounted to 343.13 million shares and 1.83 trillion won.

Foreigners and domestic institutional investors net sold 92 billion won worth and 99.9 billion won worth of stocks respectively. On the other hand, individual investors net purchased 200 billion won worth of stocks.

A total of 249 issues were gainers, including 37 issues that soared to their daily high limits, whereas 578 issues were losers, including seven stocks that plunged to their daily lows. Samsung Electronics fell 10,500 won to 184,500 won. SK Telecom, Korea Telecom and Korea Electric Power and other major large-cap issues were bearish.

Meanwhile, the Kosdaq market showed bullishness for most of the day's trading, although it declined 0.27 point to 93.55.

Market analysts said that the market would show an upturn in concert with the progress in corporate and financial restructuring.