SKorean shares close 1.83 percent lower

SEOUL: South Korean stocks closed 1.83 percent lower Thursday as investors unloaded technology, shipyard and construction shares amid concerns over the global credit crunch, dealers said. The benchmark KOSPI lost 28.12 points to close at 1,512.59. Volume was 255 million shares worth 3.72 trillion won (3.54 billion dollars). Losers outnumbered gainers 623 to 191.

"The main problem is the sharp decline in the number of stock buyers," given the uncertain outlook for global economic growth, Samsung Securities analyst So Jang-Ho told Dow Jones Newswires. He said intensifying worries about global fundamentals appear to have steered investors' appetite away from stocks towards safer assets such as bonds.

Builders were the biggest losers due to disappointment over the government's steps to boost the property market. Samsung Electronics lost 1.25 percent to 553,000 won. Hynix Semiconductor fell 2.26 percent to 21,600 won. LG Electronics fell 4.4 percent to 109,000. Hyundai Heavy Industries lost 7.69 percent to 240,000 won. Samsung Heavy Industries declined 6.4 percent to 33,000 won. Daewoo Engineering Construction plunged 7.41 percent to 12,500 won.