Seoul: Shares extend gains on signs of coronavirus slowdown

[SEOUL] South Korean shares rose on Tuesday, building on the previous session's near 4 per cent jump, as investors focused on early signs that the coronavirus pandemic may be slowing down at some places in Europe. 

The Seoul stock market's benchmark KOSPI closed up 31.72 points, or 1.77 per cent, at 1,823.60. Still, the index was down 17 per cent for the year.

Foreigners were net sellers of US$126.09 million worth of shares on the main board, extending sell-offs to a 24th session. They sold around US$11.08 billion during the period.

The governors of New York, New Jersey and Louisiana pointed to tentative signs on Monday that the coronavirus outbreak may be starting to plateau but warned against complacency. Deaths from the epidemic in Italy rose by 636 on Monday, but the number of new cases fell sharply.

South Korea reported 47 new coronavirus cases on Tuesday, bringing the national tally to 10,331.

REUTERS

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