South Korea’s top-tier stock market Kospi extended its latest nosedive Monday, renewing its record low for the year and dipping below the psychologically significant 2,000-point barrier, according to Korea Exchange.
The benchmark index hit 1,999 at around 2:53 p.m. before recovering to above 2,000. This was the first time in 22 months that the figure fell lower than the 2,000 mark.
Earlier in the day, the Financial Services Commission vowed to inject some 500 billion won ($439.1 million) or more into the bourse, as part of its market stabilizing effort.
By Bae Hyun-jung (email@example.com