KOSPI Takes Heavy Tumble

      September 25, 2020 10:11

      The Korea Composite Stock Price Index plummeted on Thursday on overnight declines on Wall Street and a weak won.

      The KOSPI tumbled 2.59 percent or 60.54 points to close at 2,272.70 points, closing below 2,300 points for the first time since Aug. 20.

      The junior Kosdaq took an even steeper nosedive at 4.33 percent or 36.5 points to 806.95 points.

      An electronic board at KEB Hana Bank headquarters in Seoul shows the Korea Composite Stock Price Index closing at 2,272.70 points on Thursday. /Newsis

      Analysts blamed a plunge on Wall Street and the weakening of the Korean won against the U.S. dollar.

      The Dow Jones Industrial Average and S&P 500 Index dropped 1.92 percent and 2.37 percent due to fears of the resurgence of coronavirus infections and political uncertainties ahead of the U.S. presidential election on Nov. 3. The tech-heavy Nasdaq also fell 3.02 percent.

      The won weakened by W8.30 against the dollar to close at W1,172.70.

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