SEOUL: Seoul shares plunged to a one-month low on Monday, tracking sharp declines in Asian peers as a weaker-than-expected US jobs data raised concerns of stuttering growth in the world's largest economy.
The Korea Composite Stock Price Index (KOSPI) was down 1.29 percent at 2,002.79 points as of 0222 GMT, after briefly dipping below the psychologically significant 2,000 point level to touch a one-month intraday low.
"Technology and auto heavyweights had been dragging the index higher recently on positive earnings momentum, but they were hit hard by the latest signs of a slowdown in the US economy, depriving the market of a key source of steady support," said Lee Jin-woo, an analyst at Mirae Asset Securities.
On Friday, data showed US payrolls grew by 120,000 in March, far below the expected gain of 203,000 jobs and the smallest increase since October.
Samsung Electronics fell 1.3 percent while Hyundai Mobis declined 2.2 percent.
Financial shares were battered by dashed risk appetite. Woori Finance Holdings fell 3.5 percent while KB Financial Group Inc declined 3.6 percent.
The market is expected to find strong technical support near the 2,000 point level, according to Lee.
"The index is still seen comfortably sheltered inside the 1,950-2,050 range. If investors don't buy at the 2,000 point level, the March-low of 1,966 will represent the absolute downside barrier," he said.
Investors will be shifting focus to a slew of data due this week from China, including its March trade balance as well as inflation and first-quarter gross domestic product, which will provide a crucial gauge for risk appetite.
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