Seoul: Shares snap eight-day rally as coronavirus cases jump

[SEOUL] South Korean shares snapped eight straight sessions of gains on Tuesday as a triple-digit jump in domestic coronavirus cases weighed on sentiment.

The benchmark Kospi closed 0.58 point, or 0.02 per cent lower at 2,403.15.

Foreigners were net buyers of 209.1 billion won (S$247.5 million) worth of shares on the main board.

South Korea reported 102 new coronavirus cases as of Monday midnight, marking the first triple-digit increase in six days, the Korea Disease Control and Prevention Agency said.

Seoul shares fell sharply early in the morning as institutional investors booked profit, before cutting losses on data showing China extended its recovery in exports, said Lee Jae-sun, an analyst at Hana Investment & Securities.

The Kospi has risen 9.35 per cent so far this year, and gained 1.6 per cent in the previous 30 trading sessions.

The trading volume during the session in the Kospi index was 714.98 million shares. Of the total traded issues of 904, the number of advancing shares was 320.

REUTERS