Of the 225 stocks in the index 166 declined more than 1% and 11 gained more than 1%. Shipping companies, steel, and oil companies fell more than 2% in the sell-off. Japan Steelworks fell 3.6%, Kobe Steel dropped 4%, Nippon Oil lost 3%, and Mitsui OSK declined 1.8%.

In Seoul trading Kospi Composite Index plunged 7% to 1,691.98 after the Wednesday holiday break catching up with other Asian losses. Of the 733 shares in the index only 18 gained. Over 508 million shares worth 8.4 trillion won were traded. Government said the option to pump additional liquidity to steady financial markets was open.

Bank and oil related shares dropped sharply. Dong Wha Pharm lost 15% and Daehou Fire& Mor dropped 14.90%. S&T Motors crashed 14.79%. while Rocket Electric Co dragged 14.76%. Meritz Fire skid 13.60% with Sung Chang Enter falling 12.62%. Several hundred stocks fell by more than 10%. Bank stocks were also worried about the contagion effect of the U.S. subprime mortgage market. Myung Sung rallied 14.95% while Hyundai Paint Industries surged 14.79 %. Acts Corpn rose 14.78% while Ilshin Stone pushed 5.99%. Ilkyunh rose 1.99% with Sung Shin Cement surging 1.78%. FNC Kolon up 0.83% and Sung Bo Chemical added 0.64%.