KOSPI Falls Below 560

The Seoul Bourse continued its three-day slide, falling below the 560-point level.

The Korea Composite Stock Price Index (KOSPI) closed at 555.33, 4.93 points or 0.87 percent down from the previous day. These are at the lowest since November 2, 2001. The tech-heavy Kosdaq tumbled 1.17 points or 2.97 percent and marked another all-time low of 38.19.

Stock prices rose as much as 4 points in the early morning session due to a rebound on the U.S. stock markets, but failed to sustain gains and eventually took a negative turn as foreigners sold stocks and futures.

Foreign investors dumped 66 billion won in shares and have sold more Kosdaq stocks for the past 14 consecutive sessions.

All indices except distribution and pharmaceutical stocks declined on the KOSPI market. The Kosdaq saw all its indices decline.

Suk-Ho Shin kyle@donga.com