Seoul: Shares fall 1% as investors doubt pandemic slowdown, oil price recovery

[SEOUL] South Korean shares fell nearly 1 per cent on Wednesday after two straight sessions of sharp gains, as investors cast doubt on an impending slowdown of the coronavirus pandemic and fretted over the uncertainty of a recovery in oil prices. 

The Seoul stock market's main KOSPI closed down 16.46 points, or 0.90 per cent, to 1,807.14. It has fallen 17.77 per cent so far this year.

Foreigners were net sellers of US$110.01 million worth of shares on the main board, extending the selloff to a 25th session. They sold around US$11.15 billion during the period.

Even as medical teams struggled to save gravely ill coronavirus patients and deaths hit new highs, the number of Covid-19 hospitalisations seemed to be levelling off in New York state, Governor of New York said on Tuesday.

Iran's Oil Minister said his country does not agree with holding any Opec+ meeting in the absence of a clear proposal and expected outcome from such talks for the oil market, according to a letter sent to Opec and seen by Reuters.

Equity prices will continue to rise and fall for a while under persisting pressure from fears over economic fallout, said Huh Jae-hwan, an analyst at Eugene Investment & Securities.

REUTERS