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

[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.

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

REUTERS