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KOSPI Index Plunges 76 Points

Posted August. 02, 2007 03:05,   


The benchmark Korea Composite Stock Price Index (KOSPI) plummeted Wednesday as foreign investors dumped large amounts of shares, coupled with a lack of support from institutional investors.

As stock markets around the world are wobbling over the credit crunch risk rising from the United States, Asian equities also fell across the board.

The “Key” index at the Seoul stock exchange dropped 76.82 points, or 3.97 percent, to 1,856.45. Foreign investors rushed to sell shares following an overnight plunge on Wall Street Tuesday. The KOSDAQ also declined 22.06 points, or 2.72 percent, to 789.46. The KOSPI recorded its third largest one-day drop since a 93.17-point plunge on April 17, 2000 and an 80.32-point drop on July 27 this year.

Foreigners sold 505 billion won worth of shares in net sales, recording net sales for 13 consecutive days. During their selling spree, foreigners sold shares worth more than 5.41 trillion won.

The Korea Securities Dealers Association announced that the number of domestic stock accounts reached over 10 million for the first time as of end of last month.