0 Comment(s)
Print
E-mail Xinhua, August 5, 2024
SEOUL, Aug. 5 (Xinhua) -- South Korean stocks plunged more than 6 percent on Monday due to rising fears of the U.S. economic recession.
The benchmark Korea Composite Stock Price Index (KOSPI) plummeted 184.23 points, or 6.88 percent, to trade at 2,491.96 at 1:25 p.m. local time (0425 GMT).
The KOSPI started 2.42 percent lower and extended losses as U.S. stocks closed lower for the second straight session on Friday last week.
The disappointing announcement of the U.S. jobs data triggered fears of the U.S. economic recession among local investors, market watchers said.
The bourse operator issued a sidecar order at 11:00 a.m. local time to suspend program trading for five minutes as the KOSPI 200 futures index dropped over 5 percent for more than one minute.
The sidecar order to halt program trading was also issued for the smaller KOSDAQ index at 1:05 p.m. local time.
The KOSDAQ tumbled 55.74 points, or 7.15 percent, to trade at 723.59. Enditem
