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Seoul: Stocks plunge most in 2 months on infection surge, Fed's gloom

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[SEOUL] South Korean shares tumbled 3.7 per cent on Thursday, the sharpest fall in two months, as fears of rising domestic coronavirus infections persist, while a cautious outlook from the US Federal Reserve weighed on investor sentiment. The Korean won weakened, but the benchmark bond yield rose. Read more at The Business Times.

Shares of Ssangyong Motor Co rose as much as 27 per cent after local media reported that US car distributor HAAH Automotive Holdings may submit a binding offer to acquire a stake in the South Korean automaker next month.The won closed trading at 1,186.9 per US dollar on the onshore settlement platform, 0.48 per cent lower than its previous close at 1,181.2.

In offshore trading, the won was quoted at 1,186.7 per US dollar, down 0.4 per cent from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,186.5. The trading volume during the session in the Kospi index was 890.88 million shares. Of the total traded issues of 901, the number of advancing shares was 68.

In money and debt markets, September futures on three-year treasury bonds fell 0.03 point to 112.21, while the three-month Certificate of Deposit rate was quoted at 0.63 per cent. The most liquid three-year Korean treasury bond yield rose by 0.8 basis point to 0.812 per cent, while the benchmark 10-year yield rose by 2.7 basis points to 1.373 per cent.For daily updates on weekdays and specially selected content for the weekend. Subscribe to

 

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Seoul: Stocks rise, tracking Wall St rally; surging virus cases weigh[SEOUL] South Korean shares rose on Wednesday, somewhat recovering from a 2.5 per cent decline in the previous session, as global mood improved after the S&P 500 scaled a record peak overnight. Gains, however, were capped by the biggest one-day jump in domestic coronavirus cases in more than five months. Read more at The Business Times.
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