South Korean Stocks Fall as Strikes Widen

South Korean stocks tumbled to a 45-month low, led by large manufacturers, amid concern a second round of labor strikes will hurt corporate profits. The Korea Confederation of Trade Unions said about 205,000 workers at 164 workplaces including Hyundai Motor Corp. will launch a second round of strikes today as the government shows no sign of repealing new labor laws that make it easier for management to dismiss staff. “As more companies join in the strike, damages on corporate earnings and on Korea’s economy is widening,” said Hwang Bo Yoon, a fund manager at Citizens Investment Trust Co., which manages $2.4 billion in equities. The benchmark Korea composite stock price index of 782 companies fell for a third day, dropping 10.34 points, or 1.61%, to 633.07, its lowest since March 12, 1993. About four stocks fell for every one that rose, with 95 shares unchanged.