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South Korea's main stock index falls sharply after Wall Street decline

South Korea's main stock index falls sharply after Wall Street decline

South Korean shares fell sharply Wednesday on the heels of a decline in U.S. stocks overnight amid simmering concerns over global credit market turmoil.
The Korea Composite Stock Price Index fell 34.09 points, or 1.9 percent, to 1,795.22 after about 30 minutes of trading, having plunged as much as 3.1 percent in the opening minutes of the session before paring losses.
In New York on Tuesday, the Dow Jones industrial average fell 280.28, or 2.10 percent, to 13,041.85, its biggest drop since Aug. 9. Broader stock indicators, including the Standard & Poor's 500 index, also fell.
U.S. stocks dropped as investors grew more uneasy about the U.S. economy and whether the U.S. Federal Reserve will take the steps needed to prevent a further spread of credit market problems.
In South Korea, Samsung Electronics Co., the country's biggest corporation, fell 2.4 percent to 562,000 won. Hyundai heavy Industries Co., the world's largest shipbuilder, declined 1.3 percent to 369,500 won.