South Korean stocks close down 1.33pc

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The benchmark KOSPI index ended down 24.13 points at 1,793.31. It opened higher but swung to negative territory on selling by foreign and institutional investors.

"The stock market reacted positively to a decline in US jobless claims. But the impact was soon offset by persistent worries on the US credit rating downgrade and the eurozone's debt risks," Tong Yang Securities analyst Cho Byung-Hyun told Yonhap news agency.

The market will try to rebound next week, he said, but added that it would likely remain volatile due to an absence of a significant upward momentum.