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Seoul shares dive 9 pct to lowest since Nov 2005

Thu Oct 9, 2008 8:39pm EDT

SEOUL, Oct 10 (Reuters) - Seoul shares extended losses to 9 percent amid panic selling on Friday after Wall Street tumbled on deepening fears that recent moves by authorities worldwide to thaw frozen credit markets would not be enough to avert a global recession.

The Korea Composite Stock Price Index was down 8.9 percent to 1,178.69 points as of 0034 GMT, hitting its lowest since 1,165.31 on Nov. 1, 2005.

"The market's in a panic, and it is moving completely out of the norm. Extreme volatilities in forex markets are worsening sentiment. It's critical that some stabilisation is seen in won-dollar rates," said So Jang-ho, an analyst at Samsung Sec.

Volatility in futures prices prompted the Korea Exchange to suspend programme selling on the main board for five minutes from 0006 GMT.

(Reporting by Park Jung-youn; editing by Keiron Henderson)



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