(RTTNews) - The South Korean stock market was trading lower Friday, extending its losses for the ninth consecutive trading session. However, the market has recovered some ground after it opened 2.5% lower on the back of massive Wall Street losses overnight. At 8:02 p.m. ET, the benchmark Korea Composite Stock Price Index or KOSPI was down 11.7 points or 1.2% at 925.1.

In the currency market, the South Korean currency fell against the U.S. dollar for the second straight session on capital outflow from equity markets. In early trade, the won was quoted at 1,500.5 a dollar compared to Thursday’s close of 1,497.0 a dollar. The won tumbled to an almost 11-year low on Thursday, with its value falling more than 37% to the greenback so far this year.

U.S. stocks plunged for a second straight day Thursday to multi-year lows on the back of a worse-than-expected jobless claims report and worries that a bailout of automakers will be delayed. The major averages all closed sharply lower, with the Dow and the Nasdaq ending the day at their worst closing level since March 2003 and the S&P 500 falling to its lowest closing level since April 1997. The Dow closed down 445.0 points or 5.6% at 7,552.3, the Nasdaq shed 70.3 points or 5.1% to 1,316.1 and the S&P 500 dropped 54.1 points or 6.7% to 752.4.

On Thursday, oil prices hit levels not seen in more than three years after dour economic reports suggested a painful economic downturn. On the final day of trading for the December contract, U.S. crude futures fell $4 or 7% to settle at $49.62 a barrel, the lowest settle price since May 23, 2005. In the Asian session Friday, oil for January delivery is currently down 47 cents at $48.95 a barrel.

Tech stocks were mixed, with Hynix Semiconductors slumping 6.3%, market heavyweight Samsung Electronics falling 1.0%, LG Electronics rising 2.6%, and LG Display gaining 1.4%.

Automaker Hyundai Motor fell 2.2%, but top steelmaker POSCO rose 0.4%.

In the financial sector, Shinhan Financial Group tumbled 7.2%, KB Financial Group slumped 10.0%, Woori Finance plunged 5.9%, and Mirae Assets & Securities sank 3.0%.

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