SEOUL, May 10 (UPI) -- South Korean financial markets tumbled Monday due to investor fears over higher global interest rates, rising oil prices and China's tight loan policy.
The benchmark Korea Composite Stock Price Index (KOSPI) was down 5.73 percent, or 48.06 points, to 790.63 points, the lowest since Dec. 26 last year when it touched 786.11 points. Foreign investors sold a net 69.2 billion won ($58.5 million) worth of shares.
Market leader Samsung Electronics Co. Ltd. dropped 5.74 percent to 509,000 won as foreign investors booked profits from the stock's gains of more than 20 percent so far this year.
The South Korean won finished local trade at a 16-week low against the U.S. dollar. The won settled at 1,183.1 to the dollar, its lowest close since Jan. 20, compared with Friday's close of 1,171.1.
The tumble mirrored falls by Asian stocks on the back of U.S. data showing a bigger-than-expected jump in jobs, triggering market concern the U.S. Federal Reserve may raise interest rates as soon as next month.
