Seoul stock market sets many records in 2008

Special Report:Global Financial Crisis

SEOUL, Dec. 31 (Chinese media) -- The Seoul stock market set many records this

year due to its unprecedented volatility initiated from U.S. sparked financial

crisis, the Korea Herald reported Wednesday.

According to the data by the Korea Exchange, the South Korean stock market

featured the highest volatility and drop in history this year as well as the

largest sell-offs by foreign investors.

The Seoul bourse recorded the largest volatility of 1,078.33 points this

year, with the benchmark KOSPI plunging from the highest of 1,901.13 points on

May 19 to the lowest of 892.16 points on Oct. 27, the Korea Exchange said.

It is the first year for the benchmark KOSPI to record volatility over

1,000 points within a year, it added.

The daily volatility also marked the record high of 157.98 points, or 15.81

percent, falling from 1,078.33 points to 920.35 points on Oct. 29, the data

showed.

2008 also saw a foreigners' selling spree of local shares, with proportion

of shares held by foreign investors falling below the 30-percent level for the

first time since 2001.

Foreigners sold 36.1 trillion won (28.75 billion U.S. dollars) worth of

South Korean stock this year, the largest since the market opened to foreign

investors in 1992.

Overseas investors also set a new record by continuing share sales for 33

straight days from June 9 to July 23. The previous record was 24 consecutive

days in 2005, the Korea Exchange said.