Seoul: Shares end flat as China stimulus measures offset recession fears

[SEOUL] South Korean shares ended little changed on Thursday as stimulus measures by China offset worries over a deep economic recession due to the coronavirus pandemic. 

The KOSPI ended 0.01 points lower at 1,857.07. The index has shed 15.50 per cent so far this year.

Foreigners were net sellers of US$305.94 million worth of shares on the main board, extending the selloff to a 30th straight session, the longest streak since September 2015. They sold around US$12.06 billion during the period.

The trading volume was 864.39 million shares. Of the total traded issues of 901, the number of advancing shares was 416.

While China's central bank cut a key rate to a record-low and reduced the amount banks must hold as reserves, South Korean central bank said it will create a new loans programme for local brokerages to calm liquidity nerves in onshore markets.

South Korea, which reported 22 new cases on Thursday, also proposed a second supplementary budget for this year worth US$6.19 billion to fund cash payments promised to low- and middle-income families.

REUTERS