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Finance

Shinhan Investment Securities cuts short-term loan rate to 6.95 percent

Shinhan Investment Securities will cut the interest rate on its stock sale collateral loans to an annual 6.95 percent to ease customers\' financing cost burdens. The firm will replace its existing 24-tier rate system, previously operated under set conditions, with a single rate of 6.95 percent, it said on Monday. The revised rate will apply to new applications made after Aug. 20 following system maintenance.

Finance

Korea stocks plunge as KOSPI falls more than 5 percent; Kosdaq breaks below 800

South Korean shares tumbled on Tuesday, with the KOSPI ending down 5.35 percent and the Kosdaq falling 5.56 percent to close below the 800 mark. Sell sidecars were triggered intraday in both markets. Foreign investors were net buyers in the main board, while individuals and institutions sold. Most heavyweight shares fell, including Samsung Electronics and SK hynix. The won strengthened, with the dollar-won rate down 15.90 won.