The benchmark KOSPI ended down 54.66 points, or 2.78 per cent, at 1,908.27, the lowest close since Feb 17, 2016.[SEOUL] South Korean shares ended at a more than four-year low on Wednesday, as new local coronavirus cases jumped and investors doubted whether Asian markets would benefit from Washington's stimulus package to tackle the coronavirus outbreak.
The benchmark KOSPI ended down 54.66 points, or 2.78 per cent, at 1,908.27, the lowest close since Feb 17, 2016.Near-term rebound in the KOSPI seems unlikely, as a jump in new infections dented hopes that the virus outbreak in South Korea is being contained, Bookook Securities' analyst Lee Won said. Mr Lee also said the big selloff in major tech shares by foreign investors piled downside pressure on the KOSPI, adding that the Seoul government's tightened rules on short-selling of stocks were unlikely to curb market volatility.