Seoul: Shares dip as surging global coronavirus cases dent sentiment

[SEOUL] South Korean shares slumped on Monday as surging coronavirus infections at home and abroad clouded the global economic outlook, sapping risk appetite.

The benchmark Kospi closed 16.90 points, or 0.72 per cent, lower at 2,343.91.

Domestic cases of Covid-19 rose by 119 as of Sunday midnight, nearly doubling from 61 a day earlier, while new cases sharply rose in the United States and France.

Shares of Samsung Electronics and affiliates jumped after the death of Chairman Lee Kun-hee a day earlier sparked hopes for stake sales, higher dividends and long-awaited restructuring.

The market seems to be sensitive to the second waves of coronavirus materialising, while it awaits the US election, corporate earnings and (South Korea's) third-quarter GDP data," said Na Jeong-hwan, DS Investment & Securities' analyst.

Foreigners were net sellers of US$105.36 million worth of shares on the main board.

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REUTERS