KOSPI falls below 500 points

The Korea Composite Stock Price Index has fallen below 500 points, and the Kosdaq index slid below 80 points.

As of 9:05 a.m., Wednesday, the KOSPI fell 13.18 points or 2.56% to 499.67 and the Kosdaq dropped 1.65 points or 2.05% to 78.75. December's futures slid by 1.70 points or 2.72% to 60.80.

Foreign investors net sold 1 billion won worth of stocks, and domestic institutional investors net sold 6.6 billion won worth. On the other hand, individual investors net purchased 7.1 billion won worth.

Samsung Electronics plunged 8% to the 120,000 won level, and Hyundai Electronics Industries hit its yearly low of 8,000 won. Hyundai Motor lost more than 8%.

Among large caps, only Kia Motors and Cho Hung Bank were among the gainers, and most others lost by 1-3%.

An analyst at a domestic securities firm said that investor confidence has been cooling in line with the slide of the Nasdaq index and worsening corporate performances coupled with uncertainties of Hyundai Group. He noted that investors must maintain a conservative investment attitude.