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Seoul: Shares drop 1% as virus fears threaten economic revival


[SEOUL] South Korean shares snapped a three-day rally to end lower on Tuesday, as mounting Covid-19 cases globally clouded hopes of a swift economic recovery.

The Seoul stock market's benchmark Kospi closed down 23.76 points, or 1.09 per cent, at 2,164.17.

Heightening the anxiety over a second wave, US health official Anthony Fauci said the current state of the Covid-19 outbreak in the United States "is really not good" and a "serious situation that we have to address immediately," as the number of US coronavirus deaths exceeded 130,000 on Monday.

Closer home, South Korea reported 44 fresh cases on Tuesday, bringing the national tally to 13,181.

Stocks rose as much as 0.9 per cent in early session as US services industry activity rebounded sharply in June, almost returning to its pre-Covid-19 pandemic levels.

Foreigners were net sellers of US$327.34 million worth of shares on the main board.



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