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Seoul stocks open lower on increasing COVID-19 cases

All News 09:28 June 22, 2020

SEOUL, June 22 (Yonhap) -- South Korean shares opened lower Monday amid fears of a resurgence in the new coronavirus at home and abroad.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 11.6 points, or 0.54 percent, to 2,129.72 in the first 15 minutes of trading.

The drop was mainly attributed to worsening investor sentiments, prompted by a steep rise in the number of new COVID-19 infections over the weekend.

The World Health Organization (WHO) reported Sunday (Geneva time) that there were 183,020 new infections globally in the last 24 hours, the largest single-day hike in coronavirus cases.

South Korea added 67 new cases Saturday, the highest in 23 days, and 48 new infections Sunday, raising the accumulative total to 12,421.

Most large caps traded lower.

Market bellwether Samsung Electronics lost 1.32 percent, with No. 2 chipmaker SK hynix dipping 0.94 percent.

Top pharmaceutical firm Samsung BioLogics slipped 0.37 percent, and leading chemical maker LG Chem stayed flat.

The local currency was trading at 1,213.95 won against the U.S. dollar, down 4.35 won from the previous session's close.


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