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Market Update: South Korean Shares Lift at Open
The KOSPI added 5.16 points or 0.16% to 3270.12 in early Friday, recouping losses of 0.4% in the previous session, fueled by overnight tech gains on Wall Street while investors digested the impact of the Fed’s faster-than-expected timeline for policy tightening. Local 10-year bond yields were at 2.1% while US 10-year rates were at 1.519%. In local news, First Vice Finance Minister Lee Eog-weon noted that the government will not lower its guard against financial market situations as growing inflation concerns and possible rollbacks of easy monetary policy by major economies could sharply increase market volatility. On the coronavirus front, the KDCA reported 507 more virus cases as health authorities are set to implement a revamped four-tier social distancing scheme next month that will likely ease business curfews and other restrictions. [/s2If]
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