April 27, 2024

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[THE INVESTOR] Korean stocks plunged to a more than two-year low on Jan. 3 on ballooning fears over a global economic slowdown. The local currency sharply lost ground against the US dollar.

The benchmark KOSPI fell 16.30 points, or 0.81 percent, to end at 1,993.70. It marked the lowest closing price since Dec. 7, 2016, when the index was 1,991.89.

Trade volume was moderate at 424.2 million shares worth 5.32 trillion won (US$4.72 billion), with decliners beating gainers 528 to 303.

Institutions led the decline, dumping a net 168.8 billion won worth of local shares, while foreign investors purchased a net 102.4 billion won.

The Korean won traded at a two-week low of 1,127.70 won against the US dollar, down 8.70 won from the previous session’s close.

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