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South Korea: Shares end flat as China's stimulus offsets economic damage worries

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The KOSPI closed down 1.42 points, or 0.06 per cent, at 2,242.17.

[SEOUL] South Korean shares closed flat on Monday as China's move to cut a key interest rate offset worries about the economic damage from the rapidly-spreading coronavirus outbreak. 

The KOSPI closed down 1.42 points, or 0.06 per cent, at 2,242.17.

China's central bank cut the rate on its medium-term lending, paving the way for a reduction in the benchmark loan prime rate, as policymakers sought to calm nerves.

The death toll in mainland China reached 1,770 as of Sunday-end, up by 105 from the previous day, while there were 2,048 new cases, bringing the total count to 70,548.

Foreigners were net sellers of US$194.07 million worth of shares on the main board.

The KOSPI has risen 2.02 per cent so far this year, and gained 2.1 per cent in the previous 30 trading sessions.

The trading volume was 453.09 million shares. Of the total traded issues of 903, the number of advancing shares was 319.

REUTERS