Seoul: Stocks snap four-day rally on coronavirus worries
Add BT as a preferred source
[SEOUL] South Korean shares fell 1 per cent on Thursday and snapped a four-day winning streak, as the country recorded its highest daily coronavirus cases since early March and the central bank sharply downgraded its economic outlook.
The benchmark Kospi closed down 24.87 points, or 1.05 per cent, at 2,344.45.
The country on Thursday urged businesses to have employees work from home after reporting 441 new coronavirus cases, the highest daily number since early March, as it also flagged the risks of new clusters at call centres and logistics warehouses.
The Bank of Korea kept interest rates steady on Thursday, but sharply downgraded its 2020 growth outlook. It also kept the door open for more monetary stimulus to support an economy hard hit by the pandemic.
Foreigners were net sellers of 23.8 billion won(S$27.4 million) worth of shares on the main board.
REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
Deal brewing for portfolio of 50 conservation shophouses at about S$500 million
Family offices cheer MAS’ lifting of precious metals cap, but do not expect a gold rush
Shipbuilder Penguin International wins first prime contract with Singapore Navy
New Woodlands Gateway industrial hub takes shape as RTS Link nears completion
