South Korean shares closed lower on Friday, as surging infections of the novel coronavirus in the United States sapped risk appetite and fuelled fears of more restrictions. The Korean won weakened and the benchmark bond yield fell.[SEOUL] South Korean shares closed lower on Friday, as surging infections of the novel coronavirus in the United States sapped risk appetite and fuelled fears of more restrictions. The Korean won weakened and the benchmark bond yield fell.
The Kospi closed down 17.65 points or 0.81 per cent to 2,150.25. For the week, the index fell 0.1 per cent. A record surge in daily cases of Covid-19 and rising death toll in several US states dimmed hopes of a quick economic recovery, while the South Korean tally rose to 13,338 after 45 fresh infections were reported.
South Korea also said it will further tighten property market rules and impose heavier taxes on multiple homeowners as more than 20 rounds of cooling measures introduced in the past three years failed to calm runaway home prices.