People wearing face masks as a precaution against the coronavirus watch Christmas decorations at a store in Seoul, South Korea, Friday, Nov. 27, 2020. South Korea's daily virus tally hovered above 500 for the second straight day, as the country's prime minister urged the public to stay home this weekend to contain a viral resurgence. (AP Photo/Ahn Young-joon)
SEOUL, South Korea (AP) — South Korea reported more than 500 new coronavirus cases for the third straight day on Saturday, the fastest spread of infections the country has seen since the early days of the pandemic.
The 504 cases reported by the Korea Disease Control and Prevention brought the total number of infections since the pandemic began to 33,375, including 522 deaths.
Around 330 of the new cases came from the Seoul metropolitan area, home to about half of the country’s 51 million people, where health workers are struggling to stem transmissions linked to hospitals, schools, saunas, gyms and army units.
Infections were also reported in other major cities including Daegu, which was the epicenter of the country’s previous major outbreak in late February and March.
The recent spike in infections came after the government eased social distancing restrictions to the lowest levels in October to support a weak economy, allowing high-risk venues like nightclubs and karaoke bars to reopen and spectators to return to sports.
Officials reimposed some of the restrictions this week and could be forced to clamp down on economic activities further if transmissions don’t slow.
In other developments in the Asia-Pacific region:
— Health authorities in northern Thailand have traced and tested more than 300 people who were in contact with a Thai women who returned from Myanmar and tested positive for the coronavirus after somehow avoiding a mandatory quarantine. The director-general of the Department of Disease Control said Saturday it was the 10th case in the last two months where it could not be ascertained with certainty where the patient caught the virus. The 29-year-old woman had been in Myanmar for a month during a coronavirus surge before entering Thailand on Nov. 24. She then spent three days in Chiang Mai, including visits to a nightclub and department store, before going to a hospital. Health officials traced and tested 326 people who had been in contact with her and quarantined the 105 judged most at risk. Thailand since January has had 3,966 confirmed cases of the coronavirus, including 60 deaths.
— India’s coronavirus infections dipped further with 41,322 new cases reported in the past 24 hours, and there was no signs of a resurgence as a result of a major festival two weeks ago. The high point of new infections this week was 44,739 on Wednesday. Single-day cases have remained below the 50,000-mark for three weeks. The Indian capital also saw a drop in daily cases with 5,482 after recording an all-time high on Nov. 11. The federal government blamed state authorities’ inability to ramp up testing and enforce social distancing for the surge in New Delhi. On Saturday, India’s death toll rose by 485 to to 136,200. In an effort to stop the virus from spreading, the Home Ministry has allowed states to impose local restrictions like night curfews but has asked them to consult before imposing lockdowns at state, district or city levels.
Follow AP’s coverage at https://apnews.com/hub/coronavirus-pandemic and https://apnews.com/UnderstandingtheOutbreak
7 Tech Stocks To Buy On Sale
This too shall pass. Those four words should be taped to the computer screen of every investor. If you own shares of the tech sector, you’ve seen your portfolio take quite a hit. Tech stocks were largely immune from the effects of the pandemic.
However, as investors are looking to rebalance their portfolios, tech stocks were obvious targets for some profit-taking. And at the end of the day, that’s what I believe the latest tech selloff amounts to. Stocks don’t move in one direction all the time. Sure, there may be some saber-rattling about breaking up big tech. But with an election in less than two months, nobody will have the political will to do anything.
That doesn’t mean that it’s all going to be smooth sailing. Sure, the Federal Reserve did its part by promising low-interest rates until the end of time (or at least through 2023 whatever comes first). But the rest of 2020 is likely to be volatile for stocks.
First, there’s still the novel coronavirus hanging around. It’s not going to simply disappear after election day. That will take some combination of a vaccine and/or therapeutic. And all the likely candidates seem to be getting farther away the deeper into clinical trials they get.
And we have an election. But we are not likely to know the winner of the election on election night. In fact, for those who remember the spectacle of “hanging chads”, this election could make that one look like amateur hour.
The bottom line is there will be uncertainty. But there are always gains to be found, particularly now that their stock price has come down a little bit. Here are seven tech stocks that you can look to add or increase a position in now that they’re trading at a discount.
View the "7 Tech Stocks To Buy On Sale".