Seoul: Stocks end at 3-week low, won down as global stocks slump

[SEOUL] South Korean shares and the won extended falls on Wednesday, with equities ending at a three-week low as foreign selling and a drop in global stocks weighed on sentiment.

The Korea Composite Stock Price Index (Kospi) closed down 1.2 per cent at 1,994.79 points, the lowest since July 12.

The won was quoted at 1,117.6 to the dollar at the conclusion of onshore trade, down 0.7 per cent compared with Tuesday's close of 1,110.0.

Offshore investors snapped a 19-day buying spree and sold a net 77.8 billion won (S$93.6 million) worth of Kospi shares for the day.

Shipping company Hyundai Merchant Marine Co Ltd plunged as much as 29.7 per cent to its lowest since March 2003, after saying it would raise 200 bln won by issuing convertible bonds.

REUTERS