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Market Update: South Korean Shares Slip 0.4%
The KOSPI lost 12.12 points or 0.38% to 3144.3 on Monday as risk sentiment was hit following a slump in cryptocurrencies markets and looked ahead to the US Federal Reserve’s read on inflation this week. However, losses were limited as last weeks data showed strong comeback by the services sector both in the US and Europe as businesses reopened following prolonged lockdown and benefited from a global demand recovery. The country reported 538 more COVID-19 cases on fewer tests over the weekend, with a rebound in the reproduction rate, coupled with sporadic cluster infections, straining the country’s antivirus fight. Starting Monday, South Korea extended its tight social distancing scheme by three more weeks through June 13. Local 10-year bond yields were at 2.15% while US 10-year rates were at 1.62%. Among stocks, Samsung Biologics lifted 1.16% after signing a deal Saturday to manufacture Moderna’s COVID-19 vaccine at its local factory. [/s2If]
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