Seoul Stocks Fall on Global Virus Surge

Thursday 1442/3/12 - 2020/10/29
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Seoul, Oct 29, 2020, SPA -- South Korean stocks closed lower today, on Thursday on foreign and institutional selling as new coronavirus outbreaks in major global economies continued to surge at an alarming rate, accordding to Yonhap.
The Korean won fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 18.59 points, or 0.79 percent, to close at 2,326.67.
Trading volume was moderate at about 488 million shares worth some 10.1 trillion won (US$8.9 billion), with losers outnumbering gainers 641 to 221.
The KOSPI started out with a sharp fall, tracking the 3.43 percent plunge on the Dow Jones Industrial Average on Wednesday (New York time). The tech-laden Nasdaq Composite tumbled 3.73 percent and the S&P 500 plummeted 3.53 percent amid massive foreign selling.
Foreigners sold a net 536 billion won, the largest sell-off after Aug. 31. Retail investors purchased a net 980 billion won, while institutions offloaded a net 476 billion won.
"The (overnight) stock market crash in the U.S. and Europe largely came from the uncontained outbreaks of COVID-19," said Kiwoom Securities analyst Seo Sang-young. "It may keep investor sentiment down for a while," he added.
21:43 LOCAL TIME 18:43 GMT