Seoul shares dip for 3rd session on virus woes, U.S. stimulus deadlock
SEOUL, Oct. 15 (Yonhap) -- South Korean stocks dipped for a third consecutive session Thursday as spreading new coronavirus infections and the deadlocked U.S. fiscal stimulus weighed heavily on the local financial markets. The Korean won rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 19.27 points, or 0.81 percent, to close at 2,361.21.
Trading volume was moderate at about 1.1 billion shares worth some 12.8 trillion won (US$11.2 billion), with gainers outnumbering losers 583 to 279.
Foreigners sold a net 21 billion won, while retail investors purchased a net 332 billion won. Institutions offloaded a net 117 billion won.
Investor sentiment worsened as South Korea's new coronavirus cases rebounded to over 100 due mainly to a new cluster infection in the southeastern port city of Busan.
The country added 110 COVID-19 cases, including 95 local infections, raising the total caseload to 24,988, with the death toll reaching 439, according to the Korea Disease Control and Prevention Agency.
The losses came after a weak start, tracking overnight Wall Street retreats that stemmed from doubts that U.S. lawmakers will be able to break a deadlock on passing a stimulus package anytime soon.
"The delay in the U.S. fiscal stimulus and the resurgence of COVID-19 infections seem to have reduced local investors' appetite for risks, in addition to the political uncertainties from the U.S. presidential election," Kiwoom Securities analyst Seo Sang-young said.
In Seoul, most large caps closed lower.
Market bellwether Samsung Electronics retreated 1.48 percent to 60,000 won, but No. 2 chipmaker SK hynix added 0.69 percent to 87,100 won.
Top pharmaceutical firm Samsung Biologics lost 0.42 percent to 704,000 won, and Celltrion shed 2.67 percent to 255,000 won.
Internet portal giant Naver dipped 2.01 percent to 292,500 won, with its rival Kakao down 1.76 percent to 362,000 won.
Leading chemical maker LG Chem climbed 1.43 percent to 367,000 won, and rechargeable battery maker Samsung SDI declined 2.17 percent to 429,000 won.
Hyundai Motor, the country's largest automaker, fell 1.12 percent to 176,000 won, while top steelmaker POSCO advanced 2.24 percent to 205,000 won.
Big Hit Entertainment, the management agency of K-pop phenom BTS, fell 4.44 percent to 258,000 won on the first day of trading after it jumped by the daily limit of 30 percent as soon as the market opened.
The local currency closed at 1,143.2 won per dollar, up 3.7 won from the previous session's close.
jwc@yna.co.kr
(END)
-
Ateez to drop new Japanese EP next week
-
S. Korea to resume issuing short-term travel visas, e-visas next month
-
(2nd LD) BTS wins three Billboard Music Awards, marking 6th year to win an award
-
Crypto investor probed over allegedly visiting house of Terraform's CEO
-
(2nd LD) N. Korea still unresponsive to S. Korea's outreach for talks on COVID-19: official
-
(LEAD) Yoon, PPP lawmakers travel to Gwangju en masse to commemorate 1980 democracy uprising
-
S. Korea to resume issuing short-term travel visas, e-visas next month
-
S. Korea to send condolence delegation to UAE over death of president
-
(LEAD) At least 8 injured in S-Oil refinery explosion in Ulsan: firefighters
-
(LEAD) Biden set to arrive in S. Korea for first summit with Yoon
-
S. Korea to resume issuing short-term travel visas, e-visas next month
-
(LEAD) At least 8 injured in S-Oil refinery explosion in Ulsan: firefighters
-
N. Korea to hold state funeral for military official known for ties with Kim Jong-un
-
(4th LD) Yoon, Biden tour Samsung chip plant ahead of summit
-
Gov't extends mandatory quarantine for COVID-19 patients for 4 more weeks