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Seoul: Stocks in biggest fall in 3½ years, won eases
[SEOUL] Seoul shares suffered its biggest fall in more than 3½ years on Thursday as risk-averse investors raced to safe-haven assets after comments from US Federal Reserve chair Janet Yellen raised bets the Fed may face difficulty hiking rates further.
The Korea Composite Stock Price Index (KOSPI) closed down 2.9 per cent at 1,861.54 points, after retreating as much as 3.1 per cent, its biggest percentage loss since May, 2012.
Foreign investors were net sellers, offloading a net 174.5 billion won (S$201.61 million) worth of shares, preliminary data showed.
The South Korean won erased early gains and fell against the dollar as foreign investors sold local equities, while importers purchased dollars on dips.
The won ended local trade down 0.4 per cent at 1,202.5 to the US dollar, after rising as much as 0.6 per cent in morning trade.