SEOUL (Reuters) - A new round of social distancing rules took effect on Tuesday in the South Korean capital of Seoul, dealing a blow to small business owners despite brighter hopes for economic recovery after earlier success in battling the coronavirus.
The measures range from closures of nightclubs and karaoke bars and curbs on eating in cafes and restaurants to fewer nighttime public transit services and limits on religious services, weddings, and funerals for the next two weeks.
The "emergency pause" in activity in the densely-populated capital and surrounding areas aims to damp a resurgence in outbreaks in offices, schools and small gatherings that have combined to drive a third wave of infections.
Asia's fourth-largest economy returned to growth in the third quarter, reversing its sharpest contraction in more than a decade, as the government pushed through stimulus measures, and major trading partners eased virus curbs.
The benchmark KOSPI stock index hit its all-time high on Tuesday, for a dramatic gain of 83% from its 2020 low soon after the pandemic hit in late March, as authorities cut interest rates and poured money into the financial system.
But the revival of financial asset prices has shown little spillover into the real economy, as owners of small businesses and street shops shut down in the face of the new restrictions.
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