Seoul: Stocks fall for fourth day on virus woes, Fed taper talk

[SEOUL] South Korean shares ended lower on Tuesday, dragged down by persistent worries about the spread of the Delta variant and more talks of stimulus withdrawal by the US Federal Reserve.

The Kospi closed down 17.23 points, or 0.53 per cent, at 3,243.19, extending losses to a fourth session.

Leading declines on the benchmark, chip giants Samsung Electronics and SK Hynix fell 1.06 per cent and 3.02 per cent, respectively, while internet giant Naver also slid 0.22 per cent.

The country reported 1,540 new virus cases for Monday, more than a day earlier, with the daily cases still remaining in four-digits, even after the extension of tougher distancing measures.

Two Fed officials said on Monday that the US economy is growing rapidly and that while the labour market still has room for improvement, inflation is already at a level that could satisfy one leg of a key test for the beginning of interest rate hikes.

Foreigners were net sellers of US$555.32 million worth of shares on the main board.

REUTERS