Seoul: S Korea stocks hit 1-week low on record virus cases, Wall Street losses

[SEOUL] SOUTH Korean shares ended at a 1-week low on Thursday (Nov 18), tracking Wall Street's overnight drop on rate-hike fears, while a record daily jump in domestic coronavirus cases also weighed on sentiment. The won gained, while the benchmark bond yield fell.

The Kospi closed down 15.04 points, or 0.51 per cent, at 2,947.38, extending its losing streak to a third day. It slid 1.16 per cent on Wednesday (Nov 17).

The trading for Kospi opened and closed an hour later than usual due to a nationwide college entrance exam.

South Korea reported a record 3,292 new Covid-19 cases for Wednesday, raising doubts about its move towards "living with Covid-19" that includes relaxation of some distancing curbs.

Among the heavyweights, chip giants Samsung Electronics and SK Hynix fell 0.71 per cent and 0.45 per cent, respectively, while platform company Naver added 1.50 per cent.

A Reuters report showed SK Hynix's plan to overhaul a huge facility in China to make memory chips more efficiently are in jeopardy because US officials do not want advanced equipment used in the process to enter into China.

REUTERS