Seoul: Shares end firmer as countries ease lockdown curbs

[SEOUL] South Korean shares closed higher on Tuesday as optimism over the partial easing of restrictions put to curb the spread of coronavirus offset the slump in oil prices. 

The Seoul stock market's main KOSPI closed up 11.32 points, or 0.59 per cent, at 1,934.09. The index lost 11.99 per cent so far this year.

Foreigners were net sellers of US$102.00 million worth of shares on the main board.

The trading volume during the session in the KOSPI index was 1,159.32 million shares. Of the total traded issues of 897, the number of advancing shares was 484.

From Italy to New Zealand, governments announced the easing of restrictions, while Britain said it was too early to relax them there. Meanwhile, New York state will not reopen for weeks.

South Korea President Moon Jae-in said on Tuesday the pandemic will have a greater impact on the economy and that massive job losses are his primary concern.

The country's exports were seen contracting at the sharpest pace in nearly 11 years in April as the coronavirus pandemic caused massive disruptions to global supply chains and economic activity, a poll showed on Tuesday.

Stocks gained after a slight recovery of US oil prices and a rebound in the China markets, said Lee Won, an analyst at Bookook Securities.

Meanwhile, South Korea's minister for North Korean affairs said on Tuesday the North Korean leader may have missed a key holiday on April 15 because of concerns over the coronavirus, not because he is ill.

REUTERS