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Seoul: Stocks fall on mounting US-China tension

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[SEOUL] South Korean shares slid on Thursday on intensifying Sino-US tensions and weak data from China, while the country's central bank kept the benchmark rate unchanged.

The benchmark Kospi closed down 18.12 points, or 0.82 per cent, to 2,183.76.

US Secretary of State Mike Pompeo said on Wednesday the United States would impose visa restrictions on Chinese firms, while the Trump administration is also expected to take action to address perceived security risks posed by TikTok and WeChat.

China's economy returned to growth in the second quarter after a deep slump at the start of the year, but domestic consumption and investment remained weak, underscoring the need for more policy support.

South Korea's central bank kept its key policy rate on hold, avoiding the risk of fuelling runaway property prices amid government efforts to tamp down on demand in the sector.

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Foreigners were net sellers of US$110.58 million worth of shares on the main board.

The trading volume during the session in the Kospi index was 774.82 million shares. Of the total traded issues of 901, the number of advancing shares was 403.

REUTERS

 

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