South Korean Shares Fall 6.2 Percent(ends with -4.43%)

AP ^ | 01/22/08

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South Korean Shares Fall 6.2 Percent

Tuesday January 22, 1:49 am ET

South Korea's Main Stock Index Extends Falls 6.2 Percent

SEOUL, South Korea (AP) -- South Korean shares fell sharply Tuesday, extending losses amid worries in global financial markets about weakness in the U.S. economy. The Korea Composite Stock Price Index fell as much as 6.2 percent to 1,578.37 in afternoon trading, and later recovered slightly to 1587.19, down 5.7 percent. The Kospi fell 3.0 percent Monday.

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Stocks in Asia and Europe fell sharply Monday following declines on Wall Street last week amid investor pessimism over the U.S. government's stimulus plan to prevent a recession, and Asian markets continued to drop Tuesday.

The Nikkei 225 index is down around 5 percent, while Hong Kong's Hang Seng is down more than 8 percent.

U.S. markets, closed for a national holiday, have so far escaped the turmoil, but they are expected to plunge when trade reopens there later Tuesday.

Among major blue chips in Seoul, Samsung Electronics Co., South Korea's biggest corporation, fell 3.9 percent to 542,000 won. Steelmaker Posco declined 4.1 percent to 469,500 won.

Hyundai Heavy Industries Co., the world's biggest shipbuilder, dropped 6.1 percent to 314,500 won.

The Kospi, which surged 32 percent last year, has fallen 16 percent so far this year.