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Seoul: Shares tumble, won falls to 6-mth low on HK unrest
[SEOUL] South Korean shares tumbled to a fresh 2-1/2 month low on Wednesday over nagging concerns of a slowdown in China's economy, exacerbated by the ongoing pro-democracy protests in Hong Kong.
The Korea Composite Stock Price Index (KOSPI) fell 1.41 percent to close at 1,991.54 points.
Among notable decliners, LG Electronics dove 4.4 per cent as analysts predicted a rough forecast in the smartphone market with rival Samsung Electronics and low cost Chinese competitors expected to provide stiff competition.
LG Electronics' key supplier and fellow group affiliate LG Display fell 4 per cent, weighed by concerns over lacklustre earnings with the one-time boost of iPhone 6 related orders seen to steadily dwindle.
The South Korean won fell to a fresh 6-month low, with foreign investors cutting their exposure to risky emerging markets in favour of safe-haven bids in the dollar as global risk appetites turned sour.
The local currency was quoted at 1,062.7 to the dollar at the conclusion of onshore trade on Wednesday, compared to Tuesday's close of 1,055.2. - Reuters