Kosdaq index closes at new low of 58.98

After slipping for two days in a row, the Kosdaq index plummeted below 60 points for the first time ever Wednesday.

The Kosdaq dropped 4.42 points from the previous day, closing at 58.98, nearly two points lower than its previous record low of 60.70, recorded on Oct. 7, 1998. The day¡¯s index was worse than the 60.56 points it recorded on Nov. 11 1998.

The Kosdaq market seemed to stabilize for a while after a downturn arising from the U.S. Nasdaq market¡¯s slump, but a large-scale sell-off in the afternoon session once again prevailed, leading to the collapse below the 60-point level.

The 534 decliners, which included 227 issues that hit their daily limit low, approached the record of 546.

There were only 50 advancers, including 11 that hit their daily permissible high. Individual investors turned to net sell-off after 9 days, and foreigners helped push down the index with a strong net sell-off in the afternoon.

Meanwhile, institutions recorded 3.7 billion won in net buying. Stock market analysts attributed the decline to a combination of negative factors, including the Nasdaq¡¯s ongoing slump and another stock price manipulation. Most analysts advised cautious investments in the highly volatile market.