Seoul: Stocks rise, tracking Wall St rally; surging virus cases weigh
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[SEOUL] South Korean shares rose on Wednesday, somewhat recovering from a 2.5 per cent decline in the previous session, as global mood improved after the S&P 500 scaled a record peak overnight. Gains, however, were capped by the biggest one-day jump in domestic coronavirus cases in more than five months.
The benchmark KOSPI closed up 12.30 points, or 0.52 per cent, at 2,360.54.
South Korea reported on Wednesday 297 new coronavirus cases, the highest daily rise since early March, as outbreaks from churches around the capital spread, even after the government tightened social distancing rules on Tuesday. That brought the national tally to 16,508 and 306 deaths.
Worries that surging Covid-19 cases and the tightened social distancing measures would weigh on the economic activity sapped sentiment, although the impact on financial markets seems to be limited so far, said Lee Kyoung-min, an analyst with Daishin Securities.
Foreigners were net sellers of US$211.60 million worth of shares on the main board.
REUTERS
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