Seoul shares extend losses to 2 pct, banks tumble
SEOUL, July 15 (Reuters) - Seoul shares extended losses to fall 2 percent on Tuesday, with financials tumbling after U.S. banks plummeted overnight on fears of further fallout from the credit crisis and high oil prices also hurting market sentiment.
Financials such as Kookmin Bank 060000.KS and Shinhan Financial Group (055550.KS) dropped after shares in U.S. regional banks fell on fresh worries about the sector's health after regulators seized mortgage lender IndyMac Bancorp Inc IMB.N late Friday, following withdrawals by clients.
Kookmin Bank lost 2.76 percent to 56,400 won and Woori Finance Holdings (053000.KS) fell 3.24 percent to 14,950 won. Hana Financial Group (086790.KS) slid 4.54 percent to 35,750 won.
The Korea Composite Stock Price Index was down 2.02 percent to 1,527.47 points as of 0119 GMT.
Foreign investors offloaded 72 billion won ($72.07 million) worth of Seoul shares as of 0040 GMT, heading for a 27th selling session, the longest foreign selling streak in history. They have sold 7.4 trillion won worth of shares since June 5.
($1=999.0 Won)
(Reporting by Park Jung-youn; editing by Jonathan Hopfner)
