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Seoul: Shares down 4.8% for the year; won in biggest annual fall since 2008

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South Korean shares fell on Tuesday, the final trading day of the year, as political uncertainty in Greece prompted investors to steer from emerging market assets.

[SEOUL] South Korean shares fell on Tuesday, the final trading day of the year, as political uncertainty in Greece prompted investors to steer from emerging market assets.

The Korea Composite Stock Price Index (KOSPI) fell 0.64 per cent to close at 1,915.59 points, down 4.8 per cent for the year. This is first annual decline for the main bourse since 2011.

The South Korean won edged lower after a choppy year-end trading session, as renewed weakness in the Japanese yen placed investors on guard over possible market intervention by the financial authorities.

The local currency was quoted at 1,099.3 to the dollar at the conclusion of onshore trade, compared to Monday's close of 1,097.8.

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For the year, the won depreciated 4 per cent against the dollar, its biggest annual fall since 2008 when it plunged more than 25 per cent.

South Korean financial markets will be closed on Wednesday and Thursday.

Markets will reopen on Friday, Jan 2 at 0100 GMT, one hour later than usual.

REUTERS

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