NEWS BRIEF

[Anchor Lead]

A survey shows a spike in temporary layoffs due to COVID-19 is much more serious than during the financial crisis. According to the Korea Economic Research Institute, over 4.1 million people were temporarily laid off between March and May, nearly a quadruple jump from the same period last year. The institute said the explosive spike is unprecedented and more serious than conditions during the 1997 and 2008 financial crises.
Starting Monday, South Korea is lifting entry and visa restrictions that were placed on China's Hubei Province, the epicenter of the virus outbreak. The Central Disaster and Safety Countermeasures Headquarters said the virus situation has improved in China and cases have not been reported in Hubei in recent days.
Foreign investors who have been unloading Korean stocks since February due to market volatility caused by the pandemic have shifted to net-buying for the first time in half a year. According to data released by the Financial Supervisory Service on Monday, foreign investors net purchased over 580 billion won worth of listed shares on the domestic bourse in the month of July. As of late July, Korean shares held by foreigners rose close to 42 trillion won to 583.5 trillion won from the previous month, accounting for 30.8% of total market capitalization.