SEOUL: South Korean stocks dropped 0.74 percent Wednesday falling for a third straight session as concerns over slowing exports and the fast-spreading Middle East Respiratory Syndrome (MERS) dampened investor sentiment here, analysts said. The local currency rose sharply against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) lost 15.48 points, or 0.74 percent, to 2,063.16. Trade volume was moderate at 535.2 million shares worth 6.5 trillion won (US$5.9 billion), with losers beating gainers 486 to 314.
“The index has suffered severe volatility this week due mainly to social and macroeconomic issues,” said Kim Hyung-ryeol, an analyst at Kyobo Securities Co. “Investors are anxious about how much the MERS will affect local demand that started to gain ground.”
The total number of people diagnosed with MERS here rose to 30 as of Wednesday, raising concerns that the potentially deadly disease could spread fast across the country.
Earlier this week, economic data showed that South Korean outbound shipments shrank 10.9 percent, extending their losing streak to a fifth straight month.
“Many people are worried that South Korean exports are losing momentum amid the weak Japanese yen and a slump in the global economy,” he said.
