KOSPI's 2,400-point KOSDAQ 670-point collapse on 'foreign selling'

The KOSPI fell below the 2,400-point level during the day as foreign and institutional selling grew.

In the stock market, the Kospi started 0.26 percent lower and closed 1.3 percent lower at 2,404.15.

During the day, the decline grew by nearly 2%, breaking the 2,400 mark.

Individuals bought a net 800 billion won, but foreigners sold a net 800 billion won and institutions sold a net 90 billion won.

On the KOSDAQ market, the tech-heavy KOSDAQ index started up 0.06 percent but closed down 2.35% at 668.31.

Individuals bought a net 130 billion won, but foreigners sold a net 80 billion won and institutions sold a net 30 billion won.

The won-dollar exchange rate, which started at 1,450 won for the second day, moved back and forth between 1,440 won and 1,450 won, before reaching 1,451.4 won as of 3:30 won.

The dollar continued to strengthen last night as the U.S. third-quarter GDP confirmation and the number of new unemployment claims came in better than expected.