KOSPI hits year`s low of 503.26

After a hardfought battle, the Korea Composite Stock Price Index (KOSPI) managed to hold its ground above the 500 level. However, the index fell drastically and reached another new low. Experts forecast that it would be difficult for the KOSPI to rebound in the near future.

The KOSPI opened at 505.32 Tuesday, down 9.82 points from the previous day. At one point in the day`s trading, the index fell below 500.

Market watchers analyzed that the U.S. Nasdaq`s plunge below 1,800 and the decline in the Philadelphia semiconductor index directly hit the Seoul bourse.

But after the won-dollar exchange rate showed some signs of stabilization and investment and trust firms joined the buying trend, the KOSPI regained some of its strength and closed the day at 503.26 points, down 11.94 from Monday.

Yonhap