A sudden fall in the U.S. stock market due to concerns over an economic slump has led to South Korea's benchmark KOSPI dropping more than three percent to fall below the two-thousand-700 mark.

As of 1:35 p.m. Friday, the KOSPI shed 91-point-72 points, or three-point-three percent, from the previous day to two-thousand-685-point-96.

The index, which closed Thursday's trading just short of the two-thousand-780 mark, opened Friday 58-point-29 points, or two-point-one percent, lower at two-thousand-719-point-39.

It is the first time since June 10 this year that the KOSPI fell below two-thousand-700, and the first time since June 13, 2022 that it lost over 80 points during trading.

As of 1:36 p.m. Friday, the tech-heavy KOSDAQ also lost 28-point-24 points, or three-point-47 percent, from Thursday to 785-point-29 points.

U.S. data showed that the number of Americans filing for jobless claims hit the highest level in a year last week at nearly 250-thousand.

On the New York Stock Exchange Thursday, the Dow Jones Industrial Average tumbled 494-point-82 points, or one-point-21 percent from the previous day, closing at 40-thousand-347-point-97.

The S&P 500 lost 75-point-62 points, or one-point-37 percent, to close at five-thousand-446-point-68, while the NASDAQ Composite shed 405-point-25 points, or two-point-three percent, to close at 17-thousand-194-point-15.