• Most Popular
  • Most Shared

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)



More from Reuters

Photo

Democrats reach deal on health bill

WASHINGTON (Reuters) - Senate Democratic healthcare negotiators said they agreed on Tuesday to replace a government-run insurance option with a scaled-back non-profit plan and would seek cost estimates on the deal.

» More Top News
A pedestrian walks in lower Manhattan in New York, April 16, 2007. REUTERS/Eric Thayer
Analysis:

The boomer meltdown

The number of U.S. workers in their prime savings years peaks in 2010, affecting a key ratio that has impacted equities for 40 years. If history repeats itself, stocks are set for a funk.  Full Article 

Economy
Traders work on the main floor of the BM&F Bovespa stock exchange market in Sao Paulo October 10, 2008.REUTERS/Paulo Whitaker

Betting on emerging markets

There's still an upside in large-cap U.S. stocks, but BlackRock's Bob Doll says emerging markets have two things the developed world does not.  Full Article 

investment outlook summit