Around the World's Markets: Seoul

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The Independent Online
SOUTH KOREAN stocks closed sharply lower as concerns about the Daewoo Group, the debt-laden conglomerate, spooked overall sentiment. The Composite Stock Price Index dropped 3.70 per cent, or 33.58 points, to close at 873.70. Rumours that some Daewoo companies would have to cancel their shares before creditors converted their loans to equity battered Daewoo shares.

Daewoo Corp, Daewoo Electronics, Daewoo Heavy Industries and Daewoo Telecom fell 15 per cent.