South Korean stocks dropped sharply on April 18 as investors bit the bullet of the central bank‘s growth estimate cut, analysts said. The Korean won fell against the US dollar.

The benchmark Kospi plunged 32.12 points, or 1.43 percent, to close at 2,213.77. Trading volume was moderate at 507 million shares worth 5.94 trillion won ($5.22 billion), with losers far outnumbering gainers 672 to 172. It marked the sharpest decline since the 1.92-percent drop posted on March 25.

Foreigners offloaded a net 150 billion won, while retail investors scooped up a net 290 billion won. Institutions sold a net 151 billion won.

The local currency closed at 1,136.90 won against the US dollar, down 2.15 won from the previous session.

By Ram Garikipati and newswires (ram@heraldcorp.com)