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Seoul: Shares slide on coronavirus worries; strong Q3 GDP limits fall

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[SEOUL] South Korean shares fell on Tuesday as rising coronavirus cases globally dented sentiment, although strong domestic third-quarter economic growth data capped losses. The won and the benchmark bond yield both rose.

The benchmark Kospi closed down 13.07 points or 0.56 per cent at 2,330.84, falling for a second straight day.

South Korea reported 88 new Covid-19 cases as of Monday midnight, fewer than 119 a day earlier, while the United States, Russia, France and many other countries set new records for daily infections.

The South Korean economy returned to growth in the third quarter, recovering from its sharpest contraction in more than a decade.

Hyundai Motor and its affiliate Kia Motors gained 0.6 per cent and 10.3 per cent, respectively, after reporting earnings.

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Chip giant Samsung Electronics, however, dropped 1 per cent after rising in the previous session on hopes of stake sales, higher dividends and a long-awaited restructuring pushed.

"South Korea's third-quarter GDP (gross domestic product) led the rebound in earlier session, but that was not strong enough to offset growing concerns about global resurgence in Covid-19," said Hana Financial Investment analyst Lee Young-gon.

Foreigners were net buyers of 104.4 billion won (S$125.5 million) worth of shares on the main board.

The won ended trading at 1,125.5 per US dollar on the onshore settlement platform, 0.2 per cent higher than its previous close.

In offshore trading, the won was quoted at 1,125.4 per dollar, while in non-deliverable forward trading its one-month contract was quoted at 1,125.5.

In money and debt markets, December futures on three-year treasury bonds fell 0.03 point to 111.84.

The most liquid three-year Korean treasury bond yield rose by 0.9 basis point to 0.917 per cent, while the benchmark 10-year yield rose by 1.6 basis points to 1.499 per cent.

REUTERS

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