Anchor: South Korea's benchmark stock index on Thursday lost more than four percent to a hit an 18-month low. Key stock markets were battered elsewhere in the world, as analysts say investors lost appetite after the recent International Monetary Fund report which cut growth outlooks.
Alannah Hill has more.
Report: South Korean stocks plummeted Thursday following overnight losses on Wall Street.
The benchmark Korea Composite Stock Price Index(KOSPI) plunged a whopping 98-point-94 points or four-point-44 percent.
It ended the day at two-thousand-129-point-67, its lowest close since April 2017, and extended its losing streak to eight consecutive closes.
It also marked the largest daily drop since September 2011, when the index lost five-point-73 percent.
The main bourse is down around nine-point-seven percent so far this year, and down one-point-97 percent in the previous 30 days. Foreigners were net sellers of over 500-thousand million won worth of shares.
The tech-heavy KOSDAQ also plummeted, losing 40-point-12 points, or five-point-37 percent, to close at 707-point-38, marking its lowest close since November seventh last year.
Major stock markets have all suffered massive losses on sluggish economic outlooks as some analysts blamed the recent International Monetary Fund(IMF) report that cut growth forecasts for the world and the U.S.
IMF Managing Director Christine Lagarde said market valuations have been "extremely high."
Overnight in the U.S., the Dow Jones Industrial Average plunged three-point-15 percent, and the Nasdaq Composite tumbled four-point-08 percent as investors worried about rising U.S. Treasury yields and protracted trade tensions between Washington and Beijing.
Stock markets in Shanghai, Hong Kong and Tokyo also plunged, spreading investor concerns to the European markets in their early trading hours.
On the South Korean foreign exchange, the local currency sharply weakened ten-point-four won against the dollar, to end the session at a one year low of one-thousand-144-point-four won.
Alannah Hill, KBS World Radio News.
[Photo : YONHAP News]