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Market Update: South Korean Shares Start Week Lower
The KOSPI fell 19.38 points or 0.59% to 3248.55 in early Monday deals, reversing gains of 0.56% last week and retreating from near record highs as investor sentiment soured after the US Federal Reserve’s hawkish pivot last week increased market worries about an early tapering of its accommodative policies. Local 10-year bond yields were at 2.06% while US 10-year rates were at 1.423%. On the coronavirus front, The KDCA reported 429 more COVID-19 cases as health officials Sunday unveiled new social distancing rules that center on allowing gatherings of more people and lifting regulations for businesses amid the country’s aggressive inoculation program. Amid local data, exports rose 29.5% on-year in the first 20 days of June on the back of robust demand for chips, autos and petroleum products, while imports increased 29.1% on-year. [/s2If]
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