S. Korean stocks extend losing streak for 3 days

Source: Xinhua| 2020-10-15 16:22:01|Editor: huaxia

SEOUL, Oct. 15 (Xinhua) -- South Korean stocks extended a losing streak for three straight days on Thursday as the number of COVID-19 cases here advanced in triple digits.

The benchmark Korea Composite Stock Price Index (KOSPI) declined 19.27 points, or 0.81 percent, to settle at 2,361.21. Trading volume stood at 1.15 billion shares worth 12.8 trillion won (11.2 billion U.S. dollars).

The KOSPI took off a weak start and extended earlier losses throughout the session as the domestic number of the COVID-19 cases went up in triple figures.

In the latest tally, South Korea reported 110 more cases of COVID-19 for the past 24 hours, raising the combined figure to 24,988.

Small cluster infections continued in the Seoul metropolitan area, and a big cluster infection was found at a nursing facility in the country's southeastern port city of Busan.

Foreign and institutional investors were net sellers, but retail investors raised their holdings of stocks.

Market watchers said investors' sentiment was already weakened due to uncertainty ahead of the U.S. presidential election in early November and worry about the COVID-19 resurgence in Europe.

Large-cap shares ended mixed. Market bellwether Samsung Electronics slipped 1.5 percent, and the No.1 automaker Hyundai Motor slumped 1.1 percent.

The most-used search engine Naver declined 2.0 percent, but leading chemical firm LG Chem gained 1.4 percent. Memory chip giant SK Hynix added 0.7 percent.

The small-cap KOSDAQ shrank 17.04 points, or 1.98 percent, to close at 844.44.

The local currency finished at 1,143.2 won versus the greenback, up 3.7 won from the previous close. The South Korean currency appreciated for two straight days.

Bond prices ended higher. Yields on the liquid three-year treasury notes fell 2.4 basis points to 0.877 percent, and the return on the 10-year government bonds lost 3.5 basis point to 1.478 percent. Enditem

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