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SKorean stocks, won close worst year since 1997

SKorean stocks, won close worst year since 1997

South Korea's benchmark stock index and currency both rose slightly Tuesday, but still closed out their worst year since 1997, when the country was in the throes of the Asian financial crisis.
The Korea Composite Stock Price Index gained 6.88 points, or 0.6 percent, to finish 2008 at 1,124.47.
The Kospi, however, fell 40.7 percent in 2008, its third worst performance ever and biggest decline since a drop of 42.2 percent in 1997. The index's largest ever fall was in 2000, when it plunged 50.9 percent.
South Korean stocks, which had risen for five straight years through 2007, fell this year as foreign investors sold shares at a record pace. Foreign investors were net sellers of shares to the tune of 33.6 trillion won ($26.7 billion), according to preliminary figures from the Korea Exchange.
The South Korean won rose 0.3 percent against the dollar Tuesday to 1,259.50, but finished the year down 25.7 percent for the South Korean currency's first annual decline since 2003. The drop in 2008 was the won's biggest since it fell 50.2 percent in 1997.
The won at one point this year had declined 38 percent, but rallied toward the end of the year, gaining 16.6 percent in December.
Tuesday was the final trading day of 2008 in South Korean financial markets.


Updated : 2020-12-04 19:33 GMT+08:00