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Seoul: Shares end over 1% lower
SEOUL] South Korean benchmark index closed 1.4 per cent lower on Friday, logging its steepest loss in more than two weeks, as Sino-US tensions heightened over Beijing's intent to impose a new security law on Hong Kong.
The Kospi ended down 28.18 points, or 1.41per cent, at 1,970.13, snapping a five-day winning streak. For the week, the index gained 2.22 per cent, after two straight weekly losses.
China will establish a "sound" legal system and enforcement mechanisms to ensure national security in Hong Kong, its Premier Li Keqiang said.
The development comes a day after US President Donald Trump's warning against Beijing's attempt to gain more control over the city and US senators' comments about introducing a legislation to impose sanctions on Chinese officials.
The Hong Kong conflict triggered stock prices to reflect worries of Sino-US tensions to a large extent, DS Investment & Securities' analyst Na Jeong-hwan said, adding that investors also booked profits.
Foreigners were net sellers of US$377.93 million of shares on the main board.