April 20, 2024

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[THE INVESTOR] Korean stocks plunged to a 17-month low on Oct. 10 as economic downturn concerns swept the market. The local currency declined against the US dollar.

The benchmark KOSPI shed 25.22 points, or 1.12 percent, to close at 2,228.61, extending its losing streak to seven straight sessions. The closing price is the lowest since May 2, 2017, when the KOSPI finished at 2,219.67.

Trading volume was moderate at 348.9 million shares worth 6.3 trillion won (US$5.56 billion), with decliners sharply outnumbering winners 767 to 107.

Foreigners led the sharp decline, dumping a net 2.3 billion won worth of local shares, while institutions and individuals scooped up a net 1.16 billion won and 1 billion won, respectively.

The Korean currency closed at 1,134 won against the US dollar, down 1.30 won from the previous trading session.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)