SEOUL, March 19 (Xinhua) -- South Korean stocks plunged 5.9 percent on Thursday morning as fears continued that the COVID-19 outbreak across the world may drive the global economy into a recession.
As of 11:11 a.m. local time, the benchmark Korea Composite Stock Price Index (KOSPI) plummeted 93.70 points, or 5.89 percent, to trade at 1,497.50.
It was the first time in more than 10 and a half years since July 2009 that the KOSPI fell below 1,500 points.
The index started 2.2 percent higher, but it turned downward and extended losses rapidly.
Foreigners kept dumping local shares on unease over the coronavirus spread across Europe and the United States.
The Dow Jones Industrial Average tumbled 6.3 percent overnight, and European stocks retreated between four and five percent.
The South Korean currency dropped against the U.S. dollar as demand surged for safer assets such as the greenback.
The won/dollar exchange rate soared 41.8 won to trade at 1,287.5 won per dollar, topping 1,290 won for the first time in over 10 and a half years since July 2009.
