The country's main stock market plunged below the two-thousand-400 mark on Monday, hitting the year's lowest point to date, amid fears at home and abroad over the economic ramifications of rapid inflation and related monetary tightening.

The benchmark Korea Composite Stock Price Index(KOSPI) fell 49-point-90 points, or two-point-04 percent, on Monday, closing the day at two-thousand-391-point-03.

Earlier in the day, the benchmark index hit the year's all-time low, dropping under two-thousand-380. The previous record low during trading was two-thousand-370-point-85 on November 5, 2020.

The tech-heavy KOSDAQ also dropped, shedding 28-point-77 points, or three-point-60 percent, to close at 769-point-92. It also hit the year's record low earlier in the day.

On the foreign exchange, the local currency weakened five-point-one won against the dollar, ending the day at one-thousand-292-point-four won. The greenback shot up against the Korean won to the year's high of one-thousand-293-point-six won per dollar around 15 minutes after opening.