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South Korea: Stocks see worst week in 8-1/2 yrs

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The Seoul stock market's benchmark KOSPI ended down 67.88 points, or 3.30 per cent, at 1,987.01, its lowest finish since early September last year.

[SEOUL] South Korean stocks plunged on Friday to post their worst week since 2011, as foreign investors dumped risky assets amid the coronavirus outbreak showing scant signs of receding.

The Seoul stock market's benchmark KOSPI ended down 67.88 points, or 3.30 per cent, at 1,987.01, its lowest finish since early September last year.

The index shed 8.1 per cent from a week earlier, posting its steepest weekly fall since August 2011, while it dropped 6.2 per cent on a monthly basis.

For this week, foreign investors dumped around US$2.88 billion worth of KOSPI stocks. They were net sellers of US$518.17 million worth of KOSPI shares on Friday.

Seoul shares would be able to rebound only after the speed at which the virus has been spreading slows, which remains uncertain, said Lee Chang-mok, chief of NH Investment & Securities research centre.

The KOSPI has fallen 9.59 per cent so far this year, and lost 8.2 per cent in the previous 30 trading sessions.

The trading volume during the session in the KOSPI was 660.09 million shares. Of the total traded issues of 906, 47 shares advanced.

REUTERS