Seoul shares slump to 3-week low on global growth worries, Ukraine

Wed Mar 12, 2014 2:11am EDT

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SEOUL, March 12 (Reuters) - Seoul shares slid to their lowest point in three weeks on Wednesday as political tensions in Ukraine on top of persisting worries about the economic growth outlook in China and the United States dampened appetite for riskier assets.

The Korea Composite Stock Price Index (KOSPI) closed down 1.6 percent at 1,932.54 points on Wednesday. The index touched an intraday low of 1,930.48, its lowest since Feb. 20.

The KOSPI also suffered its biggest daily loss since Feb. 4.

Foreign investors sold a net 218.3 billion won ($205 million) worth of South Korean stocks on Wednesday and institutional investors offloaded a net 203.7 billion won worth.

Market bellwether Samsung Electronics lost 2.1 percent.

Concerns over the health of the global economy also hurt shipbuilders, with Daewoo Shipbuilding & Marine Engineering Co and Samsung Heavy Industries Co Ltd tumbling 4.2 percent and 4.1 percent, respectively. ($1 = 1065.1500 Korean Won) (Reporting by Christine Kim; Editing by Chris Gallagher)

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