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Seoul: Stocks close over 1% lower on record selling by foreigners

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[SEOUL] South Korean shares closed more than 1 per cent lower on Monday, erasing previous session's gains, on a huge foreign sell-off due to economic concerns in the backdrop of downbeat July factory data and tougher coronavirus-led social distancing measures. Read more at The Business Times.

Slower-than-expected July data, which did not reflect the resurgence in Covid-19 cases, raised worries that economic indicators could worsen going forward, while foreigners' selloff was focused in the electronics sector, Daishin Securities analyst Lee Kyoung-min said.

Industrial output in South Korea, which reported 248 new cases, rose at a much slower pace in July and missed forecasts.The won ended at 1,187.8 per US dollar on the onshore settlement platform, down 0.29 per cent. The currency edged up 0.3 per cent on a monthly basis, marking the third consecutive month of gains.

In offshore trading, the won was quoted at 1,187.6 per US dollar, down 0.6 per cent from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,187.6.The most liquid three-year Korean treasury bond yield rose by 4.1 basis points to 0.936 per cent, while the benchmark 10-year yield rose by 2.2 basis points to 1.508 per cent.For daily updates on weekdays and specially selected content for the weekend.

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