South Korean market trades sharply lower

- The South Korean market was trading sharply lower on Friday on mounting fears that interest rate cuts by global central banks would not be able to unfreeze the credit markets and prevent a global recession. At 10.11 P.M. ET, the benchmark Korea Composite Stock Price Index, or KOSPI, was losing 95.7 points or 7.40% to 1,199.12. The U.S. stocks turned lower over the course of the trading day on Thursday after seeing initial strength, sending the Dow Jones Index down nearly 680 points. Despite massive efforts from the government to help shore up the troubled credit markets and boost confidence, investors remain fearful the global economy is headed for a recession. Oil fell to a yearly low on Thursday as demand continued to plunge amid the global credit crisis. Light sweet crude closed at $86.59 a barrel on the New York... [read full story]