Seoul: Shares end higher as many nations ease lockdowns

[SEOUL] South Korean shares closed higher on Wednesday as upbeat sentiment following several countries' decision to ease coronavirus-led restrictions and gradually re-open their economies outweighed worries over simmering US-China tensions.

The KOSPI closed up 33.39 points, or 1.76 per cent, at 1,928.76. The market was closed on Tuesday for a public holiday.

Stock prices rose on hopes of re-opening of economies and higher oil prices overnight despite persisting worries about US-China tensions and a recession, Bookook Securities' analyst Lee Won said.

Italy and the United States were among many nations that eased lockdowns this week. South Korea, which reported two new cases, also relaxed social distancing rules and allowed a phased re-opening of businesses.

Foreigners were net sellers of US$252.61 million worth of shares on the main board.

The KOSPI has fallen 12.24 per cent so far this year, but gained 19.1 per cent in the previous 30 trading sessions.

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The trading volume was 1,063.64 million shares. Of the total traded issues of 896, the number of advancing shares was 694.

REUTERS