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Seoul shares extend losses, KB Fin down 10.5 pct

Thu Oct 16, 2008 9:35pm EDT

Stocks

   

SEOUL, Oct 17 (Reuters) - Seoul shares extended losses to fall more than 2 percent after switching in and out of positive territory on Friday, giving up initial 2.6 percent gains as nervous investors continued to sell off banks.

The Korea Composite Stock Price Index was down 1.77 percent at 1,192.18 points as of 0130 GMT, continuing its decline after posting a 9.4 percent fall in the previous session, the third-biggest percentage drop in the market's history.

Friday's falls were led by banking issues, with KB Financial Group (105560.KS) down 10.48 percent and Shinhan Financial Group (055550.KS) down 8.39 percent.

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



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