Seoul: Prices of seven out of ten stocks listed on South Korea's main and secondary stock markets fell last month as the country's bourses experienced their steepest monthly declines since the 2008 global financial crisis, market data revealed Sunday. A total of 1,859 stocks closed lower as of Friday compared to the end of June, according to data from the Korea Exchange (KRX).

According to Yonhap News Agency, these declining stocks made up approximately 70 percent of the 2,645 companies listed on the benchmark Korea Composite Stock Price Index (KOSPI) and the tech-heavy Korea Securities Dealers Automated Quotations (KOSDAQ). Specifically, 566 stocks, or 62 percent, of the KOSPI's 917 listed companies, witnessed a downturn, while 1,293 stocks, or 75 percent, of the KOSDAQ's 1,728 listings also saw declines.

The KOSPI dropped 22.2 percent in July from the previous month, whereas the KOSDAQ fell by 21.4 percent. These monthly declines were the steepest since October 2008 when global markets were severely impacted by the financial crisis. Among KOSDAQ-listed companies, biotechnology firm Kolon TissueGene suffered the most, plummeting 86 percent during the month from 93,600 won to 13,000 won (US$8.99). The Technology followed with a 76 percent drop, and Kolon Life Science slid 67 percent.

Regarding KOSPI-traded companies, Contentree JoongAng experienced a 67 percent decline after its parent company, JoongAng Group, faced pressure from a liquidity crunch. "The KOSPI has remained in an oversold state amid heavy selling pressure," Han Ji-young, an analyst at Kiwoom Securities, noted. "Going forward, investor sentiment is likely to recover on the back of strong earnings from Samsung Electronics and SK hynix."