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Seoul shares fall below 1,600 points on shipbuilders

Tue Jan 29, 2008 11:40pm EST

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SEOUL, Jan 30 (Reuters) - Seoul shares fell 2.4 percent on Wednesday to recross the 1,600 point line, as shipbuilders led by Hyundai Heavy Industries sank on fears that orders momentum would weaken significantly this year on slowing global economic growth.

The Korea Composite Stock Price Index was down 2.32 percent to 1,599.41 points as of 0435 GMT.

Hyundai Heavy Industries Co (009540.KS), the world's top shipbuilder, tumbled 9.23 percent to 290,000 won, and Daewoo Shipbuilding & Marine Engineering (042660.KS) slid 8.94 percent to 31,050 won.

STX Shipbuilding Co (067250.KS) tanked 11.11 percent to 29,600 won.

(Reporting by Kim Soyoung; Editing by Keiron Henderson)



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