Seoul: South Korean stocks nosedived by more than 5 percent Monday, triggered by a risk-averse sentiment following the nomination of the new Federal Reserve chair, and a sharp decline in silver and gold prices. The Korean won plunged against the U.S. dollar.

According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) tumbled 274.69 points, or 5.26 percent, to close at 4,949.67, snapping a four-session winning streak. The sharp decline underscores the market's reaction to the global economic implications of the new leadership at the U.S. Federal Reserve and fluctuating precious metal prices.