South Korean stocks closed 8.8 percent lower on Monday as investors panicked on rising fears of U.S. economic recession.
The benchmark Korea Composite Stock Price Index (KOSPI) dived 234.64 points, or 8.77 percent, to close at 2,441.55.
The KOSPI started 2.42 percent lower and extended losses as U.S. stocks closed lower for the second straight session on Friday last week.
The disappointing announcement of the U.S. job data triggered fears of U.S. economic recession among local investors, market watchers said.
The bourse operator issued a circuit breaker on the KOSPI at 14:14 local time (0514 GMT) to halt trading for 20 minutes as the main index dropped over 8 percent for more than a minute.
About 20 minutes earlier, a separate circuit breaker was issued for the small-cap KOSDAQ index that tumbled 88.05 points, or 11.30 percent, to finish at 691.28.
It marked the first time since March 2020 that the circuit breaker was activated both in the KOSPI and the KOSDAQ in a single day.
A sidecar order on the KOSPI was issued at 11:00 local time to suspend program trading for five minutes after the KOSPI 200 futures index dropped over five percent for more than a minute.
The sidecar order was also issued on the KOSDAQ at 13:05 local time.
The won/dollar exchange rate was quoted at 1,374.8 won per dollar at 15:30 local time, up 3.6 won compared to the previous close.
The Australian Securities Exchange's ASX 200 index fell sharply, down 2.5 percent on opening on Monday. During the afternoon trading session, the downward trend intensified, closing at 7650 points, dropping 3.7 percent across the day.
Major stock market indices in Europe all faced collective decline on Monday. As of 16:30 Beijing time, the UK's FTSE 100 Index has tumbled by 2 percent, Germany's DAX Index dropped 2.22 percent and the Paris CAC 40 fell 1.97 percent.
S. Korean stocks close 8.8 pct lower on U.S. recession fears
Chinese Premier Li Qiang held talks with Norwegian Prime Minister Jonas Gahr Store in Beijing on Tuesday.
Noting that this year marks the 70th anniversary of the establishment of diplomatic ties between China and Norway, Li said the relations between the two countries have maintained sound and steady development.
Li said Chinese President Xi Jinping's meeting with Store summed up the experience of China-Norway diplomatic relations over the past 70 years and made strategic plans for further deepening bilateral relations.
Standing at a new starting point, China is willing to work with Norway to implement the consensus of the leaders of the two countries, consolidate political mutual trust, adhere to mutual respect, equality, mutual benefit and win-win cooperation, strengthen exchanges at all levels and in various fields, elevate bilateral relations and practical cooperation to a new level, and make greater contributions to world peace and development, he said.
Li said China is ready to work with Norway to expand economic and trade cooperation, and further unleash potential for cooperation in trade and finance.
China welcomes Norway to increase investment in the Chinese market, and is willing to work with Norway to create a better business environment for each other's enterprises to come to invest and do business, he said.
Li said the two sides should deepen people-to-people exchanges and facilitate personnel exchanges.
China is ready to strengthen cooperation with Norway in the green transition of traditional industries and the cultivation of green emerging industries, and work with the country to consolidate international coordination, advance the implementation of the U.N. 2030 Agenda for Sustainable Development, and build a community with a shared future for mankind, he said.
For his part, Store said Norway firmly adheres to the one-China policy, and is willing to be China's trustworthy partner.
Store said he hopes that the two countries will take the 70th anniversary of diplomatic relationship establishment as an opportunity to strengthen exchanges and dialogue at all levels, expand cooperation in trade, green economy, Arctic affairs, and climate change, deepen people-to-people exchanges, strengthen communication and coordination in multilateral affairs and jointly address global challenges.
Norway has always upheld fair trade, maintained multilateral trading system and supported China and the European Union in strengthening dialogue and cooperation.
After the talks, Li and Store signed a joint statement on establishing a green transition dialogue between the two countries, and witnessed the signing of bilateral cooperation documents. Prior to the talks, Li held a welcome ceremony for Store at the Great Hall of the People.
Chinese premier meets Norwegian PM in Beijing
Chinese premier meets Norwegian PM in Beijing
