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Market Update: South Korean Shares Close Higher
The KOSPI lifted 27.02 points or 0.86% to 3171.32 on Tuesday, following losses of 0.38% in the previous session as investor sentiment remained high, following the US Federal Reserve’s comments that helped ease concerns over early post-pandemic inflation. Local 10-year bond yields were at 2.146% while US 10-year rates were at 2-week lows of 1.598%. Meantime, Tesla CEO Elon Musk tweeted that he was having active discussions with North American Bitcoin miners regarding the sustainability of digital coins. On the coronavirus front, the KDCA added 516 novel coronavirus cases as health authorities grapple with sporadic cluster infections, amid higher reproduction rates of more transmissible variant strains. In local data, South Korea’s business sentiment slightly fell for June due to deteriorating profitability in the manufacturing industry amid the ongoing pandemic conditions. [/s2If]
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