South Korean shares tumble as won slides

South Korea's won slid below 1,500 per dollar for the first time in a decade and stocks fell for an eighth day, the longest losing streak since 2003, as a global recession prompted investors to pull funds from emerging markets.

The slide in equities almost wipes out the Kospi index's 26 percent rebound from a three-year low on Oct 24, a rally that was powered by unprecedented interest-rate cuts and the government's announcement of a 14 trillion won ($9.3 billion) stimulus package.

Korean exports are likely to decline this month for the first time in a year, an official at the Ministry of Knowledge Economy said yesterday, declining to be identified.