Plummeting stock market: it closes at 557.18, down 31 points

The semiconductor stock price crash on the U.S. Nasdaq market rocked the domestic stock market Wednesday.

The Korean Composite Stock Price Index (KOSPI) began its downward slide as soon as the market opened Wednesday, plummeting to as low as 548 points during the day, down 40 points from the previous day, due to the dumping spree. It finally closed the day at 557.18, down 31.16 points or 5.29 percent.

The daily finish was the record low for the year, breaking the previous 551.00 recorded on Sept. 22.

The KOSDAQ market suffered a worse crash as the index fell 7.19 points (7.72 percent), closing at 85.85.

The stock market crash was caused by the sharp fall in the U.S. Nasdaq market, led by semiconductor stocks, as well as the fresh rising trend in international oil prices following the mounting tensions in the Middle East.

In the futures market, the year's seventh circuit breaker, suspending the futures option trade temporarily, was invoked, as the sales volume increased sharply from the opening of transactions.

Foreign investors worsened the downward trend by pouring out sales orders of their stocks, mainly semiconductor securities such as Samsung Electronics and Hyundai Electronics Industries.

Securities experts said that it is hard to predict the bottom at present due to a high possibility of foreign investors worried about a lackluster semiconductor market continuing their selling spree. They pointed out the most urgent task is to confirm the possible lowest point of the blue chip Samsung Electronics stocks.