Seoul Shares Drop 2.24 pct Despite Rate Cut

From Yonhap:

South Korean stocks plunged 2.24 percent on Thursday as investors were not cheered by the central bank's rate cut and foreigners dumped local stocks upon a futures and option expiry, analysts said. The local currency tumbled against the U.S. dollar.

After starting 0.08 percent higher, the Korea Composite Stock Price Index (KOSPI) dived 41 points to finish at 1,785.39, falling below the 1,800 level for the first time in more than a month. Trading volume was light at 314.5 million shares worth 4.24 trillion won (US$3.69 billion), with losers far outnumbering gainers 614 to 203.

The Bank of Korea (BOK) unexpectedly cut its key policy rate for the first time in more than three years in an effort to buffer the impact of the deepening eurozone debt crisis.

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