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Yonhap News Summary

2018/09/05 17:21

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The following is the second summary of major stories moved by Yonhap News Agency on Wednesday.

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(LEAD) Seoul stocks close lower on trade woes

SEOUL -- South Korean stocks ended lower Wednesday as institutional and foreign investors offloaded large-cap shares amid lingering trade concerns between the world's two largest economies, analysts said. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) shed 23.95 points, or 1.03 percent, to 2,291.77. Trade volume was moderate at 336 million shares worth 4.8 trillion won (US$4.28 billion), with losers outnumbering winners 484 to 326.

The local stock market opened lower tracking overnight Wall Street losses and went further downhill in the afternoon as drops in major tech shares weighed on the bourse.

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(LEAD) New U.S. negotiator with untested clout due in Seoul

SEOUL -- Stephen Biegun, the new U.S. point man on North Korea, is considered to hold an undersecretary-level post, but it's still unclear whether he will serve as the de facto "control tower" of the Donald Trump administration's approach toward Pyongyang, a diplomatic source said Wednesday.

Biegun, a former Ford Motor Company executive, plans to visit Seoul early next week as part of his maiden Asia tour as the U.S. special representative for North Korea. It would also take him to China and Japan.

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N. Korea says end-of-war declaration possible simply by political will

SEOUL -- North Korea's Ministry of Foreign Affairs has called for a declaration to end the 1950-53 Korean War to build mutual trust with the United States and establish permanent peace on the Korean Peninsula.

Kim Yong-kuk, chief of the Institute of Disarmament and Peace affiliated with the ministry, said in an essay posted on the ministry's website Tuesday that a declaration of an end to the war can be easily realized simply through the political will of the concerned countries.

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S. Korea bans imports of German poultry following AI outbreak

SEOUL -- South Korea's agriculture ministry said Wednesday it has placed a ban on poultry and egg imports from Germany following an outbreak of a highly pathogenic avian influenza (AI) in the European country.

The Ministry of Agriculture, Food and Rural Affairs said it began the ban on live German chicks and eggs after H5N6 was detected in the nation's northern region on Tuesday.

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State pension fund underperforms Canadian, U.S. peers in H1

SEOUL -- South Korea's state pension fund performed worse than its Canadian and U.S. peers in the first half of this year due to its heavy investment in bonds, a brokerage house said Wednesday.

South Korea's national pension fund registered an estimated return rate of 0.9 percent in the January-June period, Hana Financial Investment Co. said in a report.

(END)

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