S. Korea’s new infections fall below 50k amid lifting of mask mandate

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Seoul, May 4 | South Korea’s new Covid-19 cases fell below 50,000 on Wednesday as the government has lifted the outdoor mask mandate in the latest effort to return to pre-pandemic normalcy amid a downward trend in Covid-19 cases.

The country reported 49,064 new Covid-19 infections, including 29 from overseas, bringing the total caseload to 17,395,791, according to the Korea Disease Control and Prevention Agency (KDCA).

Daily coronavirus infections have been on the downward trend in recent weeks after peaking at 621,171 on March 17, Yonhap news agency reported.

The country added 72 Covid-19 deaths on Wednesday, bringing the total to 23,079, the KDCA said. The fatality rate stood at 0.13 per cent.

The number of critically-ill patients came to 432, slightly up from 417 on Tuesday.

On Monday, the government lifted the outdoor mask mandate after more than 18 months of enforcement, except for large gatherings of 50 or more.

In April, the government also fully lifted private gathering limits and business hour curfews.

But mask wearing is still recommended when it is difficult for people to keep a 1-metre distance from each other at gatherings and in circumstances where lots of droplets of saliva could be expelled such as shouting and singing.

The government also made it clear that indoor mask wearing needs to be in place for the time being.

Of the locally transmitted infections, Seoul reported 7,436 cases and its surrounding Gyeonggi province added 11,670 cases, the KDCA said.

As of midnight Tuesday, 44.55 million people or 86.8 per cent of the population, had been vaccinated with the first two Covid-19 vaccine jabs, and 33.14 million people had received the first booster shots, representing 64.6 per cent.

The number of those that got the second booster shots came to 2.4 million, which accounted for 4.8 per cent of the country’s total population, the KDCA added.

Source: IANS

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Weekly Technical Share Market Outlook

Weekly Technical Share Market Outlook

The Indian market recovered sharply on the last trading day amid the weekend after a continuous fall. Market has managed to halt above 16000 Nifty levels after continuous losing streak. Index reacted violently, grasping Indian as well as global factors throughout the week. Simultaneously, Inflation is catching up and profit margins are taking a hit.

 

Sensex advanced 1532 points or 2.90 percent while Nifty gained 484 points or 3.07 percent in a week. Simultaneously, Bank nifty has overcome bear’s dominance ending the session with 3.49 percent gain. Sectorally,Nifty Metal saw the highest gains of 7.40 percent followed by the Realty and Auto added over 4% gain. On the flip side Nifty IT tumbled 2.82 percent on weekly basis. Midcap and Small Cap measures rising nearly 2 percent as well.

In Nifty stock, EICHERMOT gained 11.31% while TECHM lost 5.98% on a weekly basis. INDIA VIX closes at 23.10 suggests volatility driven market is going to remain intact. Coming to the OI Data, on the call side highest OI witnessed at 17000 Nifty followed by 16800 Nifty strike price while on the put side, the highest OI was at 16000 Nifty followed by 15800 Nifty strike price. Technically, Nifty has formed a Tweezer Bottom type pattern in the weekly chart suggesting a short term buying rally may drive the market until monthly expiry. On the daily chart, price has rebounded from the lower Bollinger band as well.

Momentum indicators MACD & Stochastic were trading with a positive crossover & reversed from oversold zone. However, Index is still struggling to get the support of 50 Simple Moving Average in daily chart. Short term investors and traders are advised to work with option strategies to neutralize the volatility. Overall, Nifty is having support at 15700 mark while on the upside 16700 followed by 16500 may act as an immediate resistance. While Bank nifty has support around 32500 while resistance is placed at 36000 on weekly chart.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

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