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Seoul: Stocks slip on recession, US-China worries
[SEOUL] South Korean shares dropped on Thursday after data showed the country plunged into recession in the second quarter, while escalating US-China tensions further weighed on sentiment.
The benchmark Kospi closed down 12.47 points, or 0.56 per cent, at 2,216.19.
South Korea plunged into recession in the second quarter in its worst economic decline in more than two decades as the coronavirus pandemic battered exports and social distancing curbs paralysed factory output.
Foreigners were net sellers of US$175.54 million worth of shares on the main board.
The trading volume during the session in the Kospi index was 920.07 million shares. Of the total traded issues of 899, the number of advancing shares was 260.