South Korean stocks nosedived 4.39 percent Monday as bleak U.S. job reports and European debt woes refreshed global recession fears, analysts said. The local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) plunged 81.92 points to a one-week low of 1,785.83. Trading volume was moderate at 410 million shares worth 5.83 trillion won (US$5.46 billion) with losers outnumbering gainers 757 to 104.
"Bad U.S. data and the European Central Bank's warning on Greece over the weekend discouraged investor sentiment," said Lee Jae-man, an analyst at Tong Yang Securities Inc. "Large-cap stocks lost significant ground."
On Friday, reports showed that the United States added no new jobs in August, falling short of market expectations and renewing worries that the world's largest economy might lapse into another round of economic recession.