Seoul: Shares drop on Opec+ deal disappointment, pandemic worries

[SEOUL] South Korean shares ended nearly 2 per cent lower on Monday, their sharpest fall in more than a week, as a landmark Opec+ output cut agreement failed to pacify investors amid mounting worries over the coronavirus crisis. 

The Seoul stock market's main KOSPI closed down 34.94 points, or 1.88 per cent, to 1,825.76. The index fell 16.92 per cent so far this year.

Foreigners were net sellers of US$253.37 million worth of shares on the main board, extending the selloff to a 28th straight session. They sold around US$11.67 billion during the period.

Disappointments with the Opec+ agreement turned investors bearish, said KB Securities' analyst Kim Young-hwan, adding the continued global virus spread has also had a negative impact.

South Korea reported 25 new coronavirus cases on Monday, bringing the national tally to 10,537. The virus has infected more than 1.8 million globally, with the death toll in the United States surpassing 22,000, the highest in the world, according to a Reuters tally.

The trading volume during the session in the KOSPI index was 1,005.59 million shares. Of the total traded issues of 897, the number of advancing shares was 181.

REUTERS