SEOUL: South Korean shares slid to a one-week low on Monday morning, and the won fell on the dollar, as Greece careened to the brink of defaulting on its debt after the latest round of talks with its international creditors failed to strike a deal.
The Korea Composite Stock Price Index (KOSPI) was down 1.5 per cent at 2,059.73 points as of 0248 GMT, after falling as low as 2,055.06 points, the weakest since June 22.
If the index maintains the decline by the close of trade, it will mark its sharpest loss since May 27. Losing shares outnumbered winners 686 to 148, highlighting the broad-based selloff amid a global downturn in equities.
“The call for a referendum is a kind of procedure to avert’substantial default’,” said Rhoo Yong-seok, an analyst at Hyundai Securities, referring to Greece’s surprise move to hold a referendum on bailout terms.
