Seoul: Shares gain ahead of US Fed chair speech

[SEOUL] South Korean shares pared early losses to end nearly 1 per cent higher on Wednesday, as investors looked forward to US Federal Reserve Chairman Jerome Powell's speech, but worries over a second wave of the coronavirus outbreak capped gains.

The Seoul stock market's main Kospi closed up 18.25 points, or 0.95 per cent, at 1,940.42, snapping a two-day losing streak.

Stocks rose following the Chinese market's rebound, said Kiwoom Securities' analyst Seo Sang-young, adding that investors looked ahead to Mr Powell's speech tonight.

The Shanghai Composite index was up 0.22 per cent, while China's blue-chip index gained 0.20 per cent.  Foreigners were net sellers of US$259.90 million worth of shares on the main board.

South Korea reported 26 new coronavirus cases on Wednesday amid fears of a second wave of infections, while reports of new clusters of infections in China and Germany where shutdowns had been lifted appear to have added to the worries.

REUTERS