South Korean stocks dropped to a five-month low on Friday as investors remained concerned over a protracted slump in the global economy, analysts said. The local currency rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index shed 24.33 points, or 1.24 percent, to 1,940.92. Trading volume was moderate at 338 million shares worth 4.35 trillion won ($4.06 billion), with losers far outnumbering gainers, 620 to 214.

Friday’s closing marks the lowest since 1,939.88 on May 7. The index hit an intra-day low of 1,931.88 points.

U.S. stocks tumbled on Thursday as weak economic data from Germany, Europe’s largest economy, ignited concerns over the global economic recovery.

Outbound shipments from the German economy, the locomotive for the eurozone, plunged 5.8 percent in August, its sharpest decline since January 2009, economic officials said.

The weaker-than-expected export data sent U.S. stocks sharply lower, with the Dow Jones Industrial Average dropping 1.97 percent to 16,659.25, and the tech-rich Nasdaq Composite Index losing 2.02 percent to 4,378.34. “Concerns over a slowdown in the global economy, coupled with a variety of issues including the U.S. Fed’s exit plan, are weighing down investor sentiment here,” said Park Sung-hun, an analyst at Woori Investment & Securities. “The local stock market may face volatile sessions down the road.”

Foreign investors extended their selling binge into the sixth consecutive session with a net selling of some 180 billion won.

They have dumped a net 1.1 trillion won over the past five sessions.

Most market heavyweights remained in negative terrain, while some defensive shares closed higher.

Samsung Electronics tumbled 2.21 percent to end at 1,105,000 won on persistent woes that its third-quarter earnings may be weaker than expected. On Tuesday, the world’s largest smartphone maker estimated its third-quarter operating profit at 4.1 trillion won, down 60 percent from the previous quarter, apparently as its key business continued to suffer despite a corporate-wide effort to revitalize its earnings.

Global chipmaker SK hynix dropped 4.41 percent to end at 42,200 won, and top steelmaker POSCO lost 1.46 percent to finish at 304,000 won.

Naver, the operator of the country’s top Internet portal, sank 5.61 percent to 740,000 won.

In contrast, automakers stayed in positive terrain with No. 2 automaker Kia Motors rising 1.07 percent to finish at 56,500 won.

Industry leader Hyundai Motor remained unchanged at 178,000 won, and top auto parts maker Hyundai Mobis gained 2.69 percent to 248,500 won.

Some defensive shares also finished higher. State-run utility firm Korea Electric Power gained 0.21 percent to end at 48,700 won.

The local currency ended at 1,070.50 won against the greenback, up 3.6 won from the previous session’s close, as the latest minutes from the U.S. Federal Reserve indicated that the U.S. would maintain its stimulus measures for a considerable period of time.

South Korean financial markets were closed on Thursday in observance of Hangeul (Korean alphabet) Day. (Yonhap)