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Seoul: Stocks at near 4-mth low, won at 3-wk low on Britain's leave


[SEOUL] South Korean shares and won plunged on Friday after Britain voted to leave the European Union - an unexpected devlopment in the light of late pre-vote opinion polls favouring a narrow victory for the "remain" side.

The Korea Composite Stock Price Index (Kospi) closed down 3.1 per cent at 1,925.24 points, its lowest level since February 29.

The won was quoted at 1,179.9 to the US dollar at the conclusion of onshore trade, down 2.6 per cent versus Thursday's close of 1,150.2. It notched its weakest level since early June.

Britain's decision to leave the EU was expected to have only a limited impact on the South Korea's real economy, the trade ministry said in a statement.

South Korea's vice finance minister said the government could possibly consider fresh currency swap arrangements in response to the Britain's decision to leave.

Offshore investors sold a net 148 billion won (S$171.19 million) worth of Kospi shares.