South Korean stock market plunges to its lowest level of the year

SEOUL, South Korea (AP) — Stock prices in South Korea plunged to their lowest level of the year Tuesday, with the key index dipping below 350 points for the first time in 11 years before recovering slightly.
Sentiment was chilled by reports that the U.S. ratings agency, Moody’s Investors Service, downgraded further debt ratings of South Korean banks and that more financially weak companies would fold in a few months.
The Korean Composite Stock Price Index dropped below 350 points in the morning ses